The Beijing backed Asian Infrastructure Investment Bank (AIIB) said on Monday it would lend 661.8 Million Euros (£597.90 million) to help the Government of Kazakhstan mitigate the impact of the Coronavirus Pandemic.

With Co-financing from the Asian Development Bank, the funds will go towards measures including cash payments for the unemployed, new tax incentives to ease the financial burden on businesses and efforts to mitigate the impact of higher food prices on the vulnerable, the bank said in a statement.

The Loans are part of the AIIB’s $10 billion funding facility to help Public & Private Sectors fight the Outbreak.