MOSCOW - The Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a $500 million loan to Russia to help fund road construction, Russia's Economy Ministry said on Thursday.

The first, $96.7 million tranche will be used for repairing a highway running from St Petersburg in Russia's northwest to Norway, the ministry said.

 

(Reporting by Dasha Korsunskaya; writing by Maria Kiselyova; editing by Jason Neely) ((maria.kiselyova@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: maria.kiselyova.thomsonreuters.com@reuters.net))