{"id":105708,"date":"2020-03-03T19:19:09","date_gmt":"2020-03-03T23:19:09","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=105708"},"modified":"2020-03-03T19:19:09","modified_gmt":"2020-03-03T23:19:09","slug":"world-bank-group-announces-up-to-12-billion-immediate-support-for-covid-19-country-response","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/world-bank-group-announces-up-to-12-billion-immediate-support-for-covid-19-country-response\/","title":{"rendered":"World Bank Group Announces Up to $12 Billion Immediate Support for COVID-19 Country Response"},"content":{"rendered":"
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As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak. This financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by the COVID-19 (coronavirus).\u00a0<\/u><\/u><\/p>

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Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies. The financial package, with financing drawn from across IDA, IBRD and IFC, will be globally coordinated to support country-based responses.<\/u><\/u><\/p>\n

The COVID-19 support package will make available initial crisis resources of up to $12 billion in financing \u2014 $8 billion of which is new \u2014 on a fast track basis. This comprises up to $2.7 billion new financing from\u00a0IBRD;<\/b>\u00a0$1.3 billion from\u00a0IDA<\/b>, complemented by reprioritization of $2 billion of the Bank\u2019s existing portfolio; and $6 billion from\u00a0IFC<\/b>,\u00a0<\/b>including $2 billion from existing trade facilities. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge.<\/u><\/u><\/p>

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\u201cWe are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19,\u201d<\/i>\u00a0said\u00a0World Bank Group President David Malpass<\/b>. \u201cThis includes emergency financing, policy advice, and technical assistance, building on the World Bank Group’s existing instruments and expertise to help countries respond to the crisis.”<\/i><\/u><\/u><\/p>

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The financial package will provide grants and low-interest loans from\u00a0IDA<\/b>\u00a0for low income countries and loans from\u00a0IBRD<\/b>\u00a0for middle income countries, using all of the Bank\u2019s operational instruments with processing accelerated on a fast track basis.\u00a0\u00a0International Finance Corporation<\/b>, the World Bank Group\u2019s private sector arm, will provide its clients with the necessary support to continue operating and to sustain jobs.\u00a0<\/u><\/u><\/p>\n

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.\u00a0<\/u><\/u><\/p>

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IFC will work with commercial bank clients to expand\u00a0trade finance and working capital lines. \u00a0IFC will also directly support its corporate clients \u2014 with a focus on strategic sectors including medical equipment and pharmaceuticals \u2014 to sustain supply chains and limit downside risks. These solutions will leverage the lessons learned from similar events in the past with a goal to\u00a0minimize the negative economic and social impacts of COVID-19 globally.\u00a0<\/u><\/u><\/p>\n

Countries face different levels of risk and vulnerability to COVID-19, and will require different levels of support. The Bank Group support will prioritize the poorest countries and those at high risk with low capacity. As the spread of COVID-19 and its impact continues to evolve, the World Bank Group will adapt its approach and resources as needed.<\/u><\/u><\/p>

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The World Bank Group is actively engaged with international institutions and country authorities to help coordinate the global response.<\/p>

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As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak. 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