In its largest-ever disaster response, the World Bank has deployed over USD 157 billion to combat the impression of the COVID-19 pandemic on well being, financial and social fronts during the last 15 months.
This represents a rise of greater than 60 per cent over the 15-month interval previous to the pandemic, the financial institution mentioned on Monday.
“Since the beginning of the pandemic, the World Bank Group has dedicated or mobilized a file USD 157 billion in new financing, an unprecedented stage of help for an unprecedented disaster,” World Bank Group President David Malpass mentioned.
“We will proceed to supply vital help to creating nations via this ongoing pandemic to assist obtain a extra broad-based financial restoration,” he mentioned.
The Bank Group has confirmed to be a speedy, progressive, and efficient platform to help creating nations as they reply to the pandemic and strengthen resilience for future shocks, Malpass mentioned.
“But we should nonetheless do extra,” he mentioned, including that he stays deeply involved concerning the restricted availability of vaccines, that are vital to saving lives and livelihoods, for creating nations.
According to a press launch, help to nations from the International Bank for Reconstruction and Development totaled USD 45.6 billion, together with drawing down IBRD’s USD 10 billion disaster buffer along with the board-approved sustainable annual lending limits.
Grants and nil or low-interest loans to the world’s poorest nations from the International Development Association (IDA) amounted to USD 53.3 billion. To meet elevated financing wants, the World Bank totally used all of the remaining IDA18 assets in fiscal 2020 and frontloaded about half of all of the three-year envelope of IDA19 assets in FY21, it mentioned.
In February 2021, IDA donor and borrower nation representatives agreed to advance IDA20 by 12 months to allow continued surge financing within the coming years, it added.
Over the identical 15 months, the International Finance Corporation (IFC), the World Bank Group’s non-public sector improvement arm, reached a file excessive of USD 42.7 billion in financing, together with short-term finance (USD 10.4 billion) and mobilization (USD 14.9 billion) ), 37 per cent of which was in low-income and fragile and conflict-affected states, the discharge mentioned.
The Multilateral (*15*) Guarantee Agency (MIGA), whose mandate is to drive impactful overseas direct funding to creating nations, issued USD 7.6 billion in new ensures over the identical 15-month interval because the onset of the pandemic, of which 19 per cent supported initiatives in IDA nations and fragile settings, it mentioned.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)