The package will help clients in tourism, manufacturing and other heavily affected sectors. FMTNews WorldBank Covid19 Coronavirus
WASHINGTON: The World Bank on Tuesday said it had increased to US$14 billion the amount of fast-track financing available to members to respond to the global coronavirus pandemic, adding US$2 billion to an initial package announced on March 3.
It said the bulk of the funding would be used by client financial institutions so they can continue to offer trade financing, working capital and medium-term financing to private firms struggling with disruptions in supply chains. World Bank President David Malpass said the bank was committed to provide a fast and 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.”
IFC Chief Executive Officer Philippe Le Houerou said the institution’s goal was to help clients sustain their operations during the current health emergency phase so they could help economies recover more quickly later.
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