Tuesday, July 15, 2025
24.3 C
Lagos

World Bank Raises COVID-19 Response Package to $14bn

 

The World Bank and IFC’s Boards of Directors have approved an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19.

The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector.

IFC, a member of the World Bank Group, will increase its COVID-19 related financing availability to $8 billion as part of the $14 billion package, up from an earlier $6 billion, to support private companies and their employees hurt by the economic downturn caused by the spread of COVID-19.
The bulk of the IFC financing will go to client financial institutions to enable them to continue to offer trade financing, working-capital support and medium-term financing to private companies struggling with disruptions in supply chains.

IFC’s response will also help existing clients in economic sectors directly affected by the pandemic–such as tourism and manufacturing—to continue to pay their bills. The package will also benefit sectors involved in responding to the pandemic, including healthcare and related industries, which face increased demand for services, medical equipment and pharmaceuticals.
“It’s essential that we shorten the time to recovery.   This package provides urgent support to businesses and their workers to reduce the financial and economic impact of the spread of COVID-19,” said David Malpass, President of the World Bank Group“The World Bank Group is committed to a fast, flexible response based on the needs of developing countries. Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs.”

The additional $2 billion builds on the announcement of the original response package on March 3, which included $6 billion in financing by the World Bank to strengthen health systems and disease surveillance and $6 billion by IFC to help provide a lifeline for micro, small and medium sized enterprises, which are more vulnerable to economic shocks.

“Not only is this pandemic costing lives, but its impact on economies and living standards will likely outlive the health emergency phase. By ensuring our clients sustain their operations during this time, we hope the private sector in the developing world will be better equipped to help economies recover more quickly,” said Philippe Le Houérou, Chief Executive Officer of IFC“In turn, this will help vulnerable groups to more quickly recover their livelihoods and continue to invest in the future.”

Having mobilised quickly at the time of the 2008 global financial crisis and the Western African Ebola virus epidemic, IFC has a successful track record of implementing response initiatives to address global and regional crises hampering private-sector activity and economic growth in developing countries.

 

spot_img
spot_img
spot_img

Hot this week

NAICOM, Insurance Industry Mourn Buhari

It is with profound sadness that we received the...

Polaris Bank Partners Woodhall Capital, UK, Lagos State in ₦1.5bn Creative Economy Fund

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu,...

Heirs Insurance Group Reports N61bn GWP in 2024, an Increase of 70%

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Stanbic IBTC Holdings Meets CBN’s N200bn Recapitalisation Policy

In a landmark achievement that highlights the steadfast confidence...

SanlamAllianz Partners NCRIB on 2025 Empowerment Series

Dr. Abosede Adegbite, Consultant, Family Physician; Tope Adaramola, Executive...

Topics

African Alliance: N56bn Assets, N8bn Claims Paid, N6bn Profit in 2020

African Alliance Insurance Plc has declared a profit before...

ADB Endorses $400bn Project to Transform Agriculture in Africa

The African Development Bank (AfDB) recently endorsed its “Feed...

Allianz Ranked 30 on List of World’s Most Valuable Brands

In this year’s Global 500 report issued by Brand...

Polaris Bank Supports Girl-Child Education in Nigeria’s Public Schools

  L-R: Chairman, Pacegate Limited (Owners of Evolve Charity), Manoj...

AviaDev Africa: Platform for Airlines, Hotel Convergence

AviaDev Africa, a unique platform bringing together airlines, airports,...

Access Bank Revamps QuickBucks, Disburses N740bn Digital Loans in 7 Years

Access Bank has revamped its digital loan platform ’QuickBucks’,...

CAMCONIA Chair: Need for Education on the Enforcement of Third-Party Motor Insurance

The Chairman of the Corporate Affairs Committee of Nigerian...
spot_img

Related Articles

Popular Categories

spot_imgspot_img