World Bank Group Initiates First Operations for COVID-19

World Bank Group Initiates First Operations for COVID-19 (Coronavirus) Emergency Health Assistance, Enhancing Developing Country Responses

The Board of Executive Directors of the World Bank today approved a first package of emergency relief operations for developing countries around the world using a dedicated, fast-track COVID-19 (coronavirus) response system. The first group of ventures, worth $1.9 billion, will support 25 countries, and the fast-track mechanism will be used to push forward new operations in over 40 nations. However, the World Bank is working worldwide to redeploy capital in existing World Bank supported projects worth up to $1.7 billion, including by consolidation, use of emergency components of established projects (CERCs) and activating CAT DDOs and spanning each area.

In the next 15 months, the World Bank Group is prepared to mobilize up to $160 billion to finance COVID-19 initiatives that will help countries adapt to the pandemic's immediate health effects and accelerate economic recovery. The wider economic policy aims at shortening recovery time, creating opportunities for development, promoting small and medium-sized enterprises and helping to protect the poor and vulnerable. Such operations will concentrate on high deprivation, with a emphasis on policy-based funding, and protecting the poorest households and the environment.

The World Bank also helps countries access desperately needed medical supplies by reaching out to manufacturers on behalf of governments, in response to severe supply chain disruptions. The World Bank also encourages others to provide financial support for COVID-19 health response in developing countries.

Source: https://www.worldbank.org/en/news/press-release/2020/04/02/world-bank-group-launches-first-operations-for-covid-19-coronavirus-emergency-health-support-strengthening-developing-country-responses