Coronavirus: World Bank pledges $12bn in emergency aid

As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to US$12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak.

This financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by the COVID-19 (coronavirus).

Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies.

The financial package, with financing drawn from across IDA, IBRD and IFC, will be globally coordinated to support country-based responses.

The financial package will provide grants and low-interest loans from IDA for low income countries and loans from IBRD for middle income countries, using all of the Bank’s operational instruments with processing accelerated on a fast track basis. International Finance Corporation, the World Bank Group’s private sector arm, will provide its clients with the necessary support to continue operating and to sustain jobs.

The World Bank support will cover a range of interventions to strengthen health services and primary health care, bolster disease monitoring and reporting, train front line health workers, encourage community engagement to maintain public trust, and improve access to treatment for the poorest patients. The Bank will also provide policy and technical advice to ensure countries can access global expertise.