News By/Courtesy: Riddhima Kedia | 03 Apr 2020 17:53pm IST

HIGHLIGHTS

  • The World Bank stands as a pillar to the deteriorating Economy
  • The World Bank is encouraging the elite class to be the beacon of light in this strange hard time, by providing financial support to developing countries for the cause of fighting against COVID-19.
  • The World Bank has initiated $1 Billion to support India’s emergency fund for tackling the coronavirus outbreak.

WORLD BANK RUBBER STAMPS $1 BILLION TO SUPPORT INDIA’S EMERGENCY FUND 

 

The World Bank has initiated $1 Billion to support India’s emergency fund for tackling the coronavirus outbreak.

On Thursday, the Board of Executive Directors of the World Bank confirmed its initial step towards the emergency support operations for developing countries. The World Bank said, "In India, $1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment; and set up new isolation wards."

Some of the reports reveal that the world bank has also given financial support to many countries in South Asia, it has extended the support of $200 million to Pakistan, $100 million to Afghanistan, $7.3 million to Maldives, and $128.6 million to Sri Lanka.

Argentina, Cambodia, the Democratic Republic of Congo, Haiti, Kenya and Yemen, among others, will receive smaller amounts, the bank added.

Allegedly, In the coming 15 months the World Bank’s mission is to grant $160 Billion with the objective of getting a grip of this pandemic and to bolster the World’s Economy.

"The World Bank Group is taking broad, fast action to reduce the spread of Covid-19 and we already have health response operations moving forward in over 65 countries. We are working to strengthen (the) developing nations' ability to respond to the Covid-19 pandemic and shorten the time to economic and social recovery. The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis," said World Bank Group President David Malpass.

Although, the Supply Chain might be adversely effected but the world Bank to its most is being the backbone of the deteriorating Economy. It is assisting the countries to ingress essential medical supplies by connecting to suppliers on the behalf of different governments around the globe.  

The World Bank is encouraging the elite class to be a beacon of light in this strange hard time, by providing financial support to developing countries for the cause of fighting against Covid-19.

Section Editor: Pushpit Singh | 04 Apr 2020 21:57pm IST


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