Coronavirus: World Bank releases $ 160 billion to fight pandemic

Over the next fifteen months, the World Bank has said it is prepared to deploy up to $ 160 billion (€ 147.6 billion) to help countries cope with the immediate health consequences of the coronavirus pandemic and support economic recovery.

Its board of directors approved "a first set of operations of emergency aid for the developing countries of the whole world", she explained in a statement, Thursday, April 2, referring to a " first group of projects, worth $ 1.9 billion (1.75 billion euros) "to help 25 countries.

"Over 65 countries"

"Under this accelerated procedure, aid is being prepared for another group of forty countries," said David Malpass, the president of the financial institution during a conference call, adding that it was to "remedy the immediate health consequences" of the pandemic.

"We already have health response operations in more than 65 countries," he also said.

"We are working to strengthen the capacity of developing countries to respond to the COVID-19 pandemic and to shorten the timeframe for economic and social recovery," he said.

"Major action" for the poorest countries

He also stressed the need to have "major action" for the poorest countries which are the most vulnerable and will "probably be the hardest hit". They are under double economic and health pressure, "he said.

Faced with the threat of #coronavirus, the @Banquemondiale Group is launching its first series of rapid assistance operations and will mobilize up to $ 160 billion in support over the next 15 months: https://t.co / yuHghbXmzp pic.twitter.com/bYp2TiGdOj

In response to widespread supply chain disruptions, the World Bank is also helping countries access essential medical supplies "by contacting suppliers on behalf of governments," said the agency, which also encourages others countries to provide financial support to developing countries.

"This package of rapid responses will save lives," said Axel van Trotsenburg, chief operating officer of the World Bank, quoted in the statement.

India will be the biggest beneficiary of the first wave of programs with a billion dollar facility, followed by Pakistan with 200 million dollars and Afghanistan with just over 100 million dollars.

In addition, the private sector arm of the World Bank, the International Finance Corporation, is providing $ 8 billion in funding "to help private businesses affected by the pandemic and keep jobs."

With AFP

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