Over the last 15 months, the World Bank has given overUSD 157 billion to fight the COVID-19 pandemic and to impact the health,economic and social fronts and it is considered as the largest crisis response.The bank on Monday said that this shows the rise of more than 60 percent overthe last 15 months before the pandemic.
World Bank Group President David Malpass said, "Sincethe beginning of the pandemic, the World Bank Group has committed or mobilized arecord USD 157 billion in new financing, an unprecedented level of support foran unprecedented crisis.”
He further stated, "We will continue to providecritical assistance to developing countries through this ongoing pandemic tohelp achieve a more broad-based economic recovery.” Malpass said that The Bank hasproven to be a rapid, innovative, and effective platform for the developing nationsbecause they respond to the pandemic and strengthen tragedy for future shocks.
He further added that he is really concerned about thelack of amenities, lack of vaccines are something that is significantlyplaying a role in saving lives and livelihoods, especially in developingcountries, he understands this and said, "But we must still do more."According to sources, it has been told that The International Bank has summed upa total of USD 45.6 billion for Reconstruction and Development, which includesdrawing down IBRD’s USD 10 billion crisis, adding on to the approvedsustainable annual lending limits.
The International Development Association (IDA) hasprovided grants and zero or low-interest loans to the world’s poorest countrieswhich amounted to USD 53.3 billion. The World Bank used the remaining IDA 18resources to fulfill the financial needs in fiscal 2020 and frontloaded abouthalf of the three-year envelope of IDA 19 resources in FY21, reports said.
The release said that, the International FinanceCorporation (IFC), the World Bank Group's private sector development arm,reached a record of USD 42.7 billion in the financing, including short-term finance(USD 10.4 billion) and mobilization (USD 14.9 billion), 37 percent of whichwas in low-income and fragile and conflict-affected states, over the same 15months.
The reports further stated that the MultilateralInvestment Guarantee Agency (MIGA), whose charge is to drive impactful foreigndirect investments to developing countries issued USD 7.6 billion in newguarantees over the 15-month period commencing from the onset of the pandemic,of which 19 percent supported projects in IDA countries and fragile settings.