Monday, September 8, 2025
25.4 C
Lagos

World Bank Plans $160bn COVID-19 Relief Measures

 

The World Bank’s Board of Executive Directors today approved a first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 (coronavirus) response.

The first group of projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 countries using the fast-track process. In addition, the World Bank is working worldwide to redeploy resources in existing World Bank financed projects worth up to $1.7 billion, including through restructuring, use of emergency components of existing projects (CERCs) and triggering of CAT DDOs and spanning every region.

The World Bank Group is prepared to deploy up to $160 billion over the next 15 months to support COVID-19 measures that will help countries respond to immediate health consequences of the pandemic and bolster economic recovery. 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 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 World Bank Group President David Malpass. “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.”

Responding to widespread supply chain disruptions, the World Bank is also helping countries access critically needed medical supplies by reaching out to suppliers on behalf of governments. The World Bank is also encouraging others to provide financial support to developing countries for the COVID-19 health response.

“This fast response package will save lives and help detect, prevent and respond to COVID-19 in the countries we serve,” said Axel van Trotsenburg, World Bank Managing Director of Operations. “Our country operations will be coordinated at a global level to ensure best practice is quickly shared, including approaches to strengthen national health systems and prepare for potential follow-on waves of this devastating virus.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

CIBN Accredits Ecobank Academy, Lauds State-Of-The-Art Equipment

The Chartered Institute of Bankers of Nigeria (CIBN) has...

Buhari Renames Comms Ministry to Ministry of Comms & Digital Economy

The President of the Federal Republic of Nigeria Muhammadu...

Allianz Acquires Ensure Insurance, Expands Africa Footprint

Allianz Group announced yesterday a binding agreement to acquire...

Buharinomics: 4 CEOs Examine Opportunities for Private Sector

The swearing in of Nigeria’s new president Muhammadu Buhari has led to renewed optimism regarding economic progress in the country and new opportunities for the private sector, particularly in infrastructure development, consumer and financial services sectors. Four prominent businessmen, visiting Cape Town, South Africa for the World Economic Forum 2015, discussed the economic outlook for Nigeria under its new government at a breakfast hosted by RMB Nigeria. Christian Wessels, Deputy Group Managing Director of TGI Group, a leading Nigerian conglomerate, is confident that a more entrenched democracy has been established in Nigeria and sees the greatest opportunities in providing appropriate goods and services to a population of 175 million people.

Sterling HoldCo Grows Assets to N2.5 tn as Shareholders Endorse Expansion Plans

Major shareholders of one of Nigeria’s leading financial conglomerates,...

MTN Digital TV Goes Live TODAY!

Nigerians Embraces Convergence as MTN launches Nigeria’s 1st converged...

Stanbic IBTC Attracts N413bn Capital into Nigeria

Stanbic IBTC, a member of Standard Bank Group, in...

Umaru Danbatta: In the Footstep of Exemplary Regulatory Regime

The exemplary regulatory regime at the Nigerian Communications Commission (NCC) has received a further boost with the recent appointment of Dr. Umaru Danbatta as the new Executive Vice-Chairman and Chief Executive of the NCC. Over the years, the regulatory performance of the NCC has endeared it to international and local telecom bodies, especially after the 2001 launch of GSM services in Nigeria. Danbatta, who holds a Doctorate Degree in Electronic Engineering, takes over from Eugene Juwah whose tenure expired on July 29, 2015.
spot_img

Related Articles

Popular Categories

spot_imgspot_img