World Bank Group Announces Up to $12 Billion Immediate Support for COVID-19 Country Response

• 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.
• 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 COVID-19 support package will make available initial crisis resources of up to $12 billion in financing — $8 billion of which is new — on a fast track basis. This comprises up to $2.7 billion new financing from the International Bank for Reconstruction and Development (IBRD); $1.3 billion from the International Development Association (IDA), complemented by re-prioritization of $2 billion of the Bank’s existing portfolio; and $6 billion from the International Finance Corporation (IFC), including $2 billion from existing trade facilities. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge.

(Source: World Bank