World Bank increases COVID-19 response funding to 14 bln USD
World Bank has announced 14 billion US Dollars to assist companies and countries in their efforts to respond to the rapid spread of COVID-19. It has added 2 billion dollars to the initial package.
The announcement came amid fear of a major global recession in the wake of the coronavirus that has impacted more than 120 countries. The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis and treatment, and support the private sector.
World Bank President David Malpass said, it is essential that we shorten the time to recovery. He added that the World Bank is committed to a fast and flexible response based on the needs of developing countries.