World Bank Increases Funds Available For Coronavirus Response
WORLD BANK – The World Bank increased its novel coronavirus response funding to $14 billion to assist countries and companies amid the rapid spread of the coronavirus.
Following a previous article, the World Bank announced that they will provide $12 billion in funds to help the poor countries fight against the novel coronavirus (COVID-19). The deadly virus has swept across Asia and sparked outbreaks in Europe and the United States.
The poorest nations will benefit the funds and it will be used for buying medical equipment and health services. “The point is to move fast. Speed is needed to save lives… we want to make the best use of the World Bank’s extensive resources and global expertise and the historical knowledge of crisis,” World Bank president David Malpass said.
Based on a report from GMA News, the World Bank announced on March 3 that the funds for combating COVID-19 had increased to $14 billion. They added $2 billion to the initial package that was announced on March 3.
The bank said the additional funds came from the International Finance Corporation (IFC), the largest global development institution that focuses on the private sector. It boosted its coronavirus related financing ability to $8 billion.
According to the report, David Malpas said they are committed to giving fast-track financing to its members to help the developing countries with their needs amid the pandemic. “It’s essential that we shorten the time to recovery… Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs,” he said.
Based on the report, the chief executive of IFC, Philippe Le Houerou said their goal is to help clients continue their operation during the crisis.
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