The World Bank has announced the approval of an additional $14 billion packages to assist companies and countries in their efforts to prevent the rapid spread of COVID-19.
According to the bank in a statement, the fast-track financing package will help strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector. Similarly, the statement revealed that 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 packages, up from an earlier $6 billion.
It added that 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.