World Bank to support countries in fighting coronavirus

As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries in coping with the health and economic impacts of the global outbreak.

This financing is designed to help member countries take effective action to respond to and, where possible, lessen the destructive impacts posed by the COVID-19 (coronavirus), Report informs referring to the bank’s website.

The new fast track package of the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic. It is also aimed to enhance disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies. The funds, with financing drawn from across IDA, IBRD and IFC, will be globally coordinated to support country-based responses.

The COVID-19 support package will make available initial crisis resources of up to $12 billion in financing — $8 billion of which is new — on a fast track basis. It comprises up to $2.7 billion new funding from IBRD; $1.3 billion from IDA, complemented by reprioritization of $2 billion of the Bank’s existing portfolio; and $6 billion from IFC, including $2 billion from existing trade facilities. It will also include policy advice and technical assistance, drawing on global expertise and country-level knowledge.