The World Bank Group has put aside $1.9 billion to assist 25 countries that are in serious need of the finances to buy equipment necessary to fight the COVID-19.
The World Bank’s board of executive directors s have agreed to respond financially to developing countries around the world. A fast track facility has been made and will be moved to over 40 countries with critical vulnerable individuals.
The World Bank is working worldwide to redeploy resources in existing World Bank financed projects up to $1.7 billion, including through restructuring and use of emergency components of existing projects.
Having noticed the possibility that there will be a strong poverty focus in these operations, the World Bank is prepared to deploy up to $160 billion over the next 15 months to support COVID-19 measures that will help countries respond to immediate health consequences of the pandemic and bolster the economic recovery.
There will be much emphasis on policy based financing and protecting the poorest households and the environment. The World Bank is also helping countries access critically needed medical supplies by reaching out to suppliers on behalf of governments this is as response to the widespread supply chain disruptions.
“The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries,” said World Bank Group President David Malpass.
“We are working to strengthen developing nations’ ability to respond to the COVID-19 pandemic and shorten 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 on-going crisis,” he further commented.
