Heath Desk-5 March, 2020: World Bank Group is making available an initial package of up to $12 billion in immediate support to help the member countries cope with the health and economic impacts of the global outbreak.
This financing is designed to help the countries take effective action to minimize the tragic impacts posed by the virus, said a press release.
Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies.
Countries face different levels of risk and vulnerability to COVID-19, and will require different levels of support. The Bank Group support will prioritize the poorest countries and those at high risk with low capacity. As the spread of COVID-19 and its impact continues to evolve, the World Bank Group will adapt its approach and resources as needed.
The financial package, 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.
This comprises up to $2.7 billion new financing 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.
International Finance Corporation, the World Bank Group’s private sector arm, will provide its clients with the necessary support to continue operating and to sustain jobs.