World Bank Approves $14bn Support To Countries Battling COVID-19

World Bank

The World Bank has announced the approval of an additional $ 14 billion packages to help companies and countries in their efforts to prevent the rapid spread of COVID-19.

According to the bank in a statement, the accelerated financing package will help strengthen national systems for preparing for public health, including for disease containment, diagnosis and treatment, and will support the private sector.

Likewise, the statement revealed that IFC, a member of the World Bank Group, will increase its availability of COVID-19-related financing to $ 8 billion as part of the $ 14 billion package, up from $ 6 billion previous ones.

He added that the package will also benefit sectors involved in responding to the pandemic, including health and related industries, which face increased demand for services, medical equipment and pharmaceuticals.

It is essential that we reduce recovery time. This package provides urgent support to companies and their workers to reduce the financial and economic impact of the spread of COVID-19.

The World Bank Group is committed to a quick and flexible response based on the needs of developing countries. Support operations are already underway and the expanded financing tools approved today will help sustain economies, businesses and jobs, said David Malpass, president of the World Bank Group.

In early March, the World Bank had announced a facility, but emphasizes that the additional $ 2 billion will serve as a buffer for initial support.

IFC’s support will include $ 2 billion from the Real Sector Crisis Response Mechanism, $ 2 billion from the current Global Trade Finance Program, $ 2 billion from the Working Capital Solutions program and $ 2 billion from Global Trade Liquidity Program.

Leave a Reply