The World Bank in a statement on Thursday, announced that it has its board of executive directors’ approval of $1.9 billion for emergency support operations for 25 developing countries.
According to the Bretton-Wood institution, the fund is for the first group of projects is to help the countries respond to “immediate health consequences of the pandemic and bolster economic recovery”. And the bank is ready to deploy $160 billion over the next 15 months.
The statement further said that “The broader economic program will aim to shorten the time to recovery, create conditions for growth, support small and medium enterprises, and help protect the poor and vulnerable,
“There will be a strong poverty focus in these operations, with an emphasis on policy-based financing, and protecting the poorest households and the environment.”
The World Bank which said it is helping countries access critical medical supplies by reaching out to suppliers on behalf of governments, listed the countries to benefit from the funds to include:
Afghanistan, Argentina, Cabo Verde, Cambodia, Democratic Republic of Congo, Djibouti, Ecuador, Ethiopia, Ghana, Haiti, India, Kenya, Kyrgyz Republic, Maldives.
Others are: Mauritania, Mongolia, Pakistan, Paraguay, Sao Tome and Principe, Senegal, Sierra Leone, Sri Lanka, Tajikistan, The Gambia and Yemen. Are the countries listed to benefit from the funds which excludes Nigeria.
Commenting, David Malpass, World Bank president, said: “The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries.
“We are working to strengthen developing nations’ ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery. The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis.”