Good news is coming for the countries battling Coronavirus disease, as The World Bank has announced the approval of an additional $14 billion packages to assist companies and countries in their efforts to prevent the rapid spread of COVID-19.
According to the bank in a statement, the fast-track financing package will help strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector.
Similarly, the statement revealed that IFC, a member of the World Bank Group, will increase its COVID-19 related financing availability to $8 billion as part of the $14 billion packages, up from an earlier $6 billion.
It added that the package will also benefit sectors involved in responding to the pandemic, including healthcare and related industries, which face increased demand for services, medical equipment and pharmaceuticals.
It’s essential that we shorten the time to recovery. This package provides urgent support to businesses and their workers to reduce the financial and economic impact of the spread of COVID-19.
The World Bank Group is committed to a fast, flexible response based on the needs of developing countries. Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs, said David Malpass, president of the World Bank Group.
Earlier in March, the World Bank had announced a facility but stresses that the additional $2 billion will serve as a buffer for the initial support.
The IFC support will include $2 billion from the Real Sector Crisis Response Facility, $2 billion from the existing Global Trade Finance Program, $2 billion from the Working Capital Solutions program and $2 billion from the Global Trade Liquidity Program.