The World Bank’s board of executive directors yesterday approved a first set of emergency support operations for developing countries, using a dedicated, fast-track facility for COVID-19 response. The first group of projects worth $1.9 billion will assist 25 countries and new operations are moving forward in over 40 countries using the fast-track process.
In addition, the World Bank is working worldwide to redeploy resources in existing projects worth up to $1.7 billion, including through restructuring, use of emergency components of existing projects and triggering of Catastrophe Deferred Drawdown Options (CAT DDOs) spanning every region, according to a press release from the bank.The World Bank's board of executive directors yesterday approved a first set of emergency support operations for developing countries, using a dedicated, fast-track facility for COVID-19 response. The first group of projects worth $1.9 billion will assist 25 countries and new operations are moving forward in over 40 countries using the fast-track process.#
The group is prepared to deploy up to $160 billion over the next 15 months to support COVID-19 measures that will help countries respond to immediate health consequences of the pandemic and bolster economic recovery.
The broader economic program will aim to shorten the time to recovery, create conditions for growth, support small and medium enterprises and help protect the poor and vulnerable. There will be a strong poverty focus in these operations, with an emphasis on policy-based financing, and protecting the poorest households and the environment.
Responding to widespread supply chain disruptions, the bank is also helping countries access critically needed medical supplies by reaching out to suppliers on behalf of governments. It is also encouraging others to provide financial support to developing countries for the COVID-19 health response.
The following are some of the initial projects approved:
In South Asia, Afghanistan will be supported by $100 million to slow and limit the spread of COVID-19, while a $1-billion emergency financing in India will support better screening, contact tracing and laboratory diagnostics; procurement of personal protective equipment; and setting up new isolation wards. Pakistan will receive $200 million for preparedness and emergency response in the health sector.
In Africa, Ethiopia gets $82 million, while the Democratic Republic of Congo receives $47 million. In East Asia and the Pacific, Mongolia gets $26.9 million and Cambodia, $20 million. In Europe and Central Asia, Tajikistan receives $11.3 million and Kyrgyzstan, $12.15 million.
In Latin America and the Caribbean, Haiti, the region’s poorest country, will benefit from a $20 million International Development Assistance (IDA) grant with immediate support to minimise COVID-19 transmission and Ecuador will get $20 million to tackle the pandemic.
In Middle East and North Africa, a $26.9-million IDA grant will be implemented in partnership with the World Health Organisation to help Yemen limit the spread of the virus. Djibouti’s preparedness plan will also be supported with $5 million in IDA credit.
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