World Bank Providing $12 Billion for COVID-19

On March 3rd, the World Bank Group announced that it would be providing up to $12 billion in support to help countries address the impact of the COVID-19 outbreak. The goal of the funding is to help countries respond by supporting surveillance, health systems strengthening, public health interventions and the private sector to reduce the economic effect of the virus.

Source: BBC News

The support package will make up to $12 billion available to countries; $8 billion will be fast tracked. The financing will come from IDA, IBRD and IFC including low interest loans from IDA for low income countries and loans from IBRD for middle income countries. IFC will support banks and corporate clients, including medical equipment and pharmaceuticals, to sustain supply chains and limit downside risks.

As countries face different risk levels, the World Bank Group will provide different levels of support based on income level and need. The World Bank Group will continue to monitor the COVID-19 situation and adapt to any changes if deemed necessary.

Read more at The World Bank.