Washington: The World Bank has approved USD 1 billion emergency funding for India to help it tackle the coronavirus pandemic, which has claimed more than 60 lives lives and infected close to 2,500 people in the country.
The World Bank’s first set of aid projects, amounting to USD 1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said Thursday. The largest chunk of the emergency financial assistance has gone to India – USD 1 billion.
“In India, USD 1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment; and set up new isolation wards,” the World Bank said after its board of executive directors approved the first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 response.
In South Asia, the World Bank also approved USD 200 million for Pakistan, USD 100 million for Afghanistan, USD 7.3 million for the Maldives and USD 128.6 million for Sri Lanka.
The World Bank said it was now working to grant up to USD 160 billion over the next 15 months to support measures to tackle the pandemic which will focus on the immediate health consequences and bolster economic recovery.
The broader economic programme of the World Bank 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 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,” said president David Malpass.
“We are working to strengthen (the) 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,” Malpass added.
Responding to widespread supply chain disruptions, the World Bank is helping countries access critically needed medical supplies by reaching out to suppliers on behalf of the governments. The World Bank is encouraging others to provide financial support to developing countries for the COVID-19 health response, said the media statement.
Agencies