$1 Billion 'Emergency Financing' Approved For India By World Bank - Viral Bake

$1 Billion ‘Emergency Financing’ Approved For India By World Bank

The global financial institution World Bank has stepped in to help the developing and poor countries amidst pandemic. The World Bank has approved USD 160 billion over the next 15 months to support measures to tackle the pandemic.

India would get $1-billion in emergency financing as a part of this package. ” In India, USD 1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment, and set up new isolation wards”, said World Bank. India has got the largest of the USD 160 billion aid.

This is the World Bank’s first set of emergency support operations for developing countries. It would be dispersed through a dedicated fast-track facility for COVID-19 response. Apart from India following South Asian countries have also got the aid:

  • Pakistan: USD 200 million
  • Afghanistan: USD 100 million
  • Maldives: USD 7.3 million
  • Sri Lanka: USD 128.6 million

Countries like Ethiopia, Ghana, the Democratic Republic of Congo, Kenya have also been granted assistance. The broader aim is to shorten the time to recovery, create conditions for growth, support small and medium enterprises, and help protect the poor and vulnerable.

Also Read: Fact Check: Here Are Some ‘Fake Viral Messages’ That Are Being Circulated Amidst The Pandemic, Check Before You ‘Forward Them’

The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries,” said World Bank Group President David Malpass. Meanwhile, the World Bank is also encouraging others to provide financial support to developing countries to fight COVID-19.

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