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.
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.