COVID-19 update: World Bank Group approves $1 bn emergency financing for India

NEW DELHI: World Bank Group has approved a sum of $1 bn emergency financing for India to deal with COVID-19 pandemic.

The group has approved funding for many countries so that this health crisis can be handled better.

“In India, $1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment; and set up new isolation wards,” the Bank said in a statement.

$200 million has been given to Pakistan and $100 million has been provided to support Afghanistan.

The first group of projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 countries using the fast-track process, the World Bank informed.

“The World Bank 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,” it added.

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