Home Press Release World Bank Group’s $157 billion – Biggest Response to Crisis Yet

World Bank Group’s $157 billion – Biggest Response to Crisis Yet

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In recent news released through sources, the World Bank Group has deployed a whopping $157 billion over a period of 15 months to fight the ongoing Covid-19 pandemic. The response is the largest up to date to a crisis. The funds were mostly spent on health, the economy, and other social fronts. The bank has released a statement saying that more there has been a 60% increase in the level of support post-pandemic.

The president of the World Bank Group, David Malpass said in a statement that he has summoned a total of $157 billion since the beginning of the pandemic – 15 months ago.

“We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery,” he added.

Mr. Malpass also added that during the past few months the World Bank Group has been an effective platform for providing support to the developing countries who are fighting the pandemic. The support will help prepare such nations for any future obstacles.

“But we must still do more,” he said, adding that he remains deeply concerned about the limited availability of vaccines, which are critical to saving lives and livelihoods, for developing countries.

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The bank also said in its statement that the support for reconstruction and development projects for these countries totalled $45.6 billion. Whereas, zero-interest loans and grants summed up to $53.3 billion. In order to support these countries, the World Bank used up its IDA18 resources during the fiscal year of 2020. It has also been recorded that the World Bank Group’s private sector development arm, the International Finance Corporation (IFC), surged to $ 42.7 billion.

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