The World Bank in its latest announcement says it has increased to $14 billion the amount of fast-track financing available to members to respond to the global Coronavirus pandemic, adding $2 billion to an initial package announced on March 3.
The change will give the World Bank’s International Financing Corp a total of $8 billion to support private companies and their employees hurt by economic impacts of the virus.
IFC said the funding would help existing clients in tourism, manufacturing and other heavily affected sectors keep paying their bills, while aiding the healthcare industry as it races to meet surging demand for services, equipment and drugs.
World Bank President David Malpass said the bank was committed to provide a fast and flexible response based on the needs of developing countries.
Leave a Reply