World Bank Okays initial $1.9 billion for COVID-19 response

World Bank

The World Bank on Thursday said its board of executive directors have Okayed an initial $1.9 billion in emergency funds for coronavirus response operations in 25 countries, and said it was proceeding swiftly on projects in 40 others.

World Bank

Besides, the World Bank said it was working in a bid to redeploy resources in existing World Bank-financed projects worth up to $1.7 billion. The Bank has also planning to spend up to $160 billion in the next 15 months to combat the pandemic.

India, the third-largest economy in Asia, will be receiving $1 billion for supporting better screening for the virus, contact tracing and laboratory diagnostics; pay for personal protective equipment; and set up new isolation wards for those infected.

World Bank Group President David Malpass said the Bank is progressing swiftly for strengthening the ability to develop countries for responding to the fast-spreading of the virus, and minimize the time to economic and social recovery.

“The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis,” Malpass said in a statement.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.