The World Bank and IFC decided to allocate an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19.<\/p>\n
The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector.<\/p>\n
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 package, up from an earlier $6 billion, to support private companies and their employees hurt by the economic downturn caused by the spread of COVID-19.<\/p>\n
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.<\/p>\n
IFC\u2019s response will also help existing clients in economic sectors directly affected by the pandemic–such as tourism and manufacturing\u2014to continue to pay their bills.<\/p>\n
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.<\/p>\n
\u201cIt\u2019s essential that we shorten the time to recovery.\u00a0\u00a0This package provides urgent support to businesses and their workers to reduce the financial and economic impact of the spread of COVID-19,\u201d\u00a0said\u00a0David Malpass, president of the World Bank Group.<\/p>\n
\u201cThe World Bank Group is committed to a fast, 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.\u201d<\/p>\n