World Bank pledges $1.9 billion to help emerging economies to fight coronavirus

Emerging economies will receive $1.9 billion in emergency support from the World Bank, to help in the fight against the coronavirus.

A first set of emergency support operations for emerging countries around the world, using a dedicated and fast-track facility, was approved by the bank's board of executive directors, Thursday.

The first set of projects will assist 25 countries in their responses to COVID-19 and funding varies from $2.5 million for Sao Tome and Principe to $1 billion to India.

Initial projects include $82 million to help Ethiopia to provide vital medical equipment and to establish treatment centers, $20 million to help establish laboratories and treatment centers in Cambodia and $20 million to help finance medical supplies in Ecuador.

Other countries receiving help in the first round of projects are Afghanistan, Argentina, Cabo Verde, the Democratic Republic of Congo, Djibouti, Ecuador, Ghana, Haiti, Kenya, the Krygyz Republic, the Maldives, Mauritania, Mongolia, Pakistan, Paraguay, Senegal, Sierra Leone, Sri Lanka, Tajikistan, The Gambia and Yemen.

The World Bank Group is working to deploy up to $160 billion in coronavirus related funding over the coming 15 months, in order to support countries in responding to the associated health consequences and to bolster economic recoveries.

"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 David Malpass, president at the World Bank Group. "We are working to strengthen developing nations' ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery. The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis."