World Bank Group unveils $12bn support for COVID-19 crisis
The World Bank Group is making $12 billion avaiable to assist countries coping with the health and economic impacts of the coronavirus outbreak.
The COVID-19 support package comprises up to $2.7 billion new financing from The International Bank for Reconstruction and Development; $1.3 billion from the International Development Association, complemented by reprioritization of $2 billion of the bank’s existing portfolio; and $6 billion from International Finance Corporation, including $2 billion from existing trade facilities.
The package will provide grants and low-interest loans from IDA for low income countries and loans from IBRD for middle income countries. The International Finance Corporation will provide its clients with the necessary support to continue operating and to sustain jobs.
The World Bank support will cover a range of interventions to strengthen health services and primary health care, bolster disease monitoring and reporting, train front line health workers, encourage community engagement to maintain public trust, and improve access to treatment for the poorest patients. The bank will also provide policy and technical advice to ensure countries can access global expertise.
