COVID-19: World Bank approves initial $1.9bn to combat pandemic
The World Bank has approved a first set of emergency support operations for developing countries amid the Coronavirus pandemic.
The first group of projects, amounting to $1.9 billion, will assist 25 countries
More than half of the emergency financing was allocated to India with $1 million to support better screening, contact tracing, and laboratory diagnostics, procure personal protective equipment, and set up new isolation wards.
The institutional lender 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 economic recovery.
World Bank President David Malpass says the economic program aims to shorten the time to recovery, create conditions for growth, support small and medium enterprises, and help protect the poor and vulnerable.