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Coronavirus: World Bank Assures $12 Billion As Emergency Aid To Developing Nations To Fight Repercussions
The World Bank Group’s headquarter in Washington DC.
To help developing countries counter the coronavirus, the World Bank has committed $12 billion in aid and this will fall under its emergency package that will include low-cost loans, grants and technical assistance, reports BBC.
There is a growing fear that the outbreak of coronavirus could have serious repercussion on the global economy and as nations across the world take preventive measures to stop the spread of the virus, it could tip countries into recession.
This $12 billion aid for developing countries is meant to improve public health response to such a crisis, and reduce the economic impact.
It also aims to work with the private sector that is taking the brunt of the damage. That is why half of the coronavirus aid package comes from the bank's International Finance Corporation, which works with the private sector
World Bank Group President David Malpass told the BBC, "What we're trying to do is limit the transmission of the disease."
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