In 15 months, World Bank Deployed $157 Billion to fight Covid19 pandemic
The International Development Association (IDA) has provided grants and zero or low-interest loans to the...Author : Priyal Mahajan
Over the last 15 months, the World Bank has given over USD 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 over the last 15 months before the pandemic.
World Bank Group President David Malpass said, "Since the beginning of the pandemic, the World Bank Group has committed or mobilized a record USD 157 billion in new financing, an unprecedented level of support for an unprecedented crisis.”
He further stated, "We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery.” Malpass said that The Bank has proven to be a rapid, innovative, and effective platform for the developing nations because they respond to the pandemic and strengthen tragedy for future shocks.
He further added that he is really concerned about the lack of amenities, lack of vaccines are something that is significantly playing a role in saving lives and livelihoods, especially in developing countries, he understands this and said, "But we must still do more." According to sources, it has been told that The International Bank has summed up a total of USD 45.6 billion for Reconstruction and Development, which includes drawing down IBRD’s USD 10 billion crisis, adding on to the approved sustainable annual lending limits.
The International Development Association (IDA) has provided grants and zero or low-interest loans to the world’s poorest countries which amounted to USD 53.3 billion. The World Bank used the remaining IDA 18 resources to fulfill the financial needs in fiscal 2020 and frontloaded about half of the three-year envelope of IDA 19 resources in FY21, reports said.
The release said that, the International Finance Corporation (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 which was in low-income and fragile and conflict-affected states, over the same 15 months.
The reports further stated that the Multilateral Investment Guarantee Agency (MIGA), whose charge is to drive impactful foreign direct investments to developing countries issued USD 7.6 billion in new guarantees over the 15-month period commencing from the onset of the pandemic, of which 19 percent supported projects in IDA countries and fragile settings.