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 USD 8 billion as part of the USD 14 billion package, up from an earlier USD 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.
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