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HomeGlobalWorld Bank Group To Combat COVID 19 With $160b Interventions

World Bank Group To Combat COVID 19 With $160b Interventions

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By Babajide Okeowo

The World Bank Group would be deploying to the tune of $160 billion over 15 months through June 2021 for COVID-19 interventions.

This is contained in the bank’s annual report for 2020.

According to the report, the interventions would be through a series of new operations, the restructuring of existing ones, the triggering of catastrophe drawdown options, and support for sustainable private sector solutions that promote restructuring and recovery.

“The World Bank deployed the first set of projects under this facility in April, aimed at strengthening health systems, disease surveillance, and public health interventions. To soften the economic blow, IFC and MIGA moved quickly to provide financing and increase access to capital to help companies continue operating and paying their workers” the report stated.

Also, the International Finance Corporation (IFC) – a member of World Bank Group will provide $47 billion in financial support through June 2021 as its part of the Bank Group’s response.

“In its initial package, IFC is providing $8 billion to help companies continue operating and sustain jobs during the crisis. This package will support existing clients in vulnerable industries, including infrastructure, manufacturing, agriculture, and services, and provide liquidity to financial institutions so they can provide trade financing to companies that import and export goods and extend credit to help businesses shore up their working capital” the report added.

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