World Bank Group (WB) is prepared to deploy fast track support up to US$160 billion over the next 15 months, to help the countries fight the COVID-19, said the president last week. So far, the Fund has disbursed in a 52 countries, with another 50 countries expected to begin implementation in coming weeks.
While, its financial armed, the International Finance Corporation’ (IFC) COVID-19 response pipeline to date includes more than 300 companies for a total of $8.9 billion. Last week, said David Malpass, the Multilateral Investment Guarantee Agency(MIGA) launched a $6.5 billion facility to support private sector investors and lenders in tackling the virus spread.
Last month, World Bank and IFC approved an increased of $14 billion package of fast-track financing to prevent, detect and respond to the rapid spread of COVID-19. The amount higher than previous announcement in March 4.
It said, IFC will increase its COVID-19 related financing availability to $8 billion as part of the package, up from an earlier $6 billion, to support private companies and their employees hurt by the economic downturn caused by the spread of the virus.