Wednesday, October 29, 2025
25.1 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
spot_img

Hot this week

NGX Group Chair, Umaru Kwairanga, Draws Roadmap for Leadership in Nigeria

   Being the remarks by Alhaji (Dr.) Umaru Kwairanga, Group...

NCRIB to Partner State Govts to Drive Insurance Penetration in Nigeria

L-R: Mr. Tope Adaramola, Executive Secretary; Mrs. Ekeoma Ezeibe,...

OPay – From Payment Platform to Lifestyle Ecosystem

By Moses Braimah Out of curiosity, I decided to spend...

Dangote and the Nigeria Refinery Revolution

  Beyond the Monopoly Myths By Moses Braimah When the Dangote...

Anambra Tops 2025 State of States Fiscal Performance Ranking

BudgIT, Nigeria’s leading civic-tech organisation promoting fiscal transparency and...

Topics

Interswitch Partners Adamawa State to Digitise Payment Collections via Paydirect Platform

Africa’s leading integrated payments and digital commerce company, Interswitch,...

Allianz Nigeria Delivers on 60 Minutes Motor Claims Settlement

  Allianz Nigeria makes good her promise to settle motor...

AIG Executes Plan to Repay $21bn Stimulus to U.S. Govt

American International Group Inc. (AIG) announced it has executed...

BPE Earns Kudos from Ondo Gov for Privatisation Drive

Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, has commended the Bureau...

Former MTN CEO, Ahmad Farroukh, in 6-Year Unrelenting Quest for Justice

Telecommunications giant, MTN is currently embroiled in a protracted...

NCC CEO, Danbatta, Bags Vanguard’s 2022 Regulator of the Year Award

The Executive Vice Chairman and Chief Executive of the...

NCDMB Advocates Corporate Governance for Indigenous Oil Firms

Indigenous oil and gas companies must instill principles of corporate governance...

Nigeria’s Smartphone Market Grew in 2019 but COVID-19 Casts Dark Shadow

    Nigeria's smartphone market grew 5.3% quarter on quarter (QoQ)...
spot_img

Related Articles

Popular Categories

spot_imgspot_img