World Bank commits $12 billion to fight coronavirus Covid-19
The new aid is targeted at developing countries; demand is already seen in all regions.
The World Bank has stepped in to intervene in the coronavirus Covid-19 outbreak with an immediately available commitment of $12 billion to help developing countries fight the disease as it spreads around the world.
The assistance is a mix of old and new commitments across all the World Bank’s member organizations.
Some $2.7 billion is new financing from the International Bank for Reconstruction and Development (IBRD). There is also a new slug of $4 billion from the International Finance Corporation (IFC), to complement existing trade facilities of $2 billion.
A further $1.3 billion comes from the International Development Association (IDA), while the final $2 billion represents a reprioritization of the World Bank’s existing portfolio.
The aid puts into perspective the $195.8 million that would be potentially available to the poorest countries from the World Bank’s 2017 pandemic bond issue, which is subject to a complex series of triggers before it can pay out.