News

World Bank Group increases COVID-19 response to USD 14 Billion

Thursday 19 March 2020 14:15 CET | News

The World Bank and IFC have approved a USD 14 billion financing package of fast to assist companies and countries dealing with the COVID-19 pandemic. 

 

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.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: World Bank, IFC, International Finance Corporation, financial aid, financial support, world, COVID-19, coronavirus
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech