World Bank pledges $12bn in emergency aid to fight coronavirus

Addis Ababa, March 4, 2020 (FBC) – The World Bank has committed $12 billion in aid for developing countries grappling with the spread of the coronavirus.

The emergency package includes low-cost loans, grants and technical assistance.

The action comes as leaders around the world pledge to shield their countries from the economic impact of the outbreak.

It follows warnings that slowdown from the outbreak could tip countries into recession.

The aid is intended to help countries improve their public health response to the crisis, as well as work with the private sector to reduce the economic impact.

Half of the package comes from the bank’s International Finance Corporation, which works with the private sector. About $4bn of the $12bn is being shifted from previously available funds.

Source: BBC