World Bank announces $1 billion emergency financing for India to tackle coronavirus

The World Bank approved USD- 1 billion emergency financing for India to tackle the coronavirus outbreak on Thursday, till date 76 deaths have been reported and the number of infected people rise to 2,500 in the country.

The World Bank first set of aid projects, amounting to USD 1.9 billion, will assist  25 countries, new operations are moving forward in over 40 nations using fast – track process, told the bank, it also told that $1 billion will support better screening, contact tracing and laboratory diagnostics and maybe in setting up new isolation wards. A lot of capital is needed to carry out the functions that are necessary because this is spreading very rapidly and it is important that the curing procedure be faster than the spread.

The World Bank also approved USD 200 million for Pakistan, in South Asia. For Afghanistan, it approved $100 million, USD7.3 million for Maldives and USD 128.6 million for Sri Lanka to fight coronavirus. The Bank also said that over the next 15 months it is working to grant up to $160 billion to support measures to tackle the pandemic which will focus on the immediate health effects and support economic recovery.

The other broad economic program will mainly aim to drastically reduce the time of recovery, create conditions for growth, support small and medium enterprises, and help protect the poor and vulnerable because they are the ones who have the minimum knowledge, resources and awareness to fight against this deadly virus. These operations will also have the main focus on poverty, trying to protect poor households and the environment.

 USD100 million will support Afghanistan to slow and limit the spread of COVID-19 through various measures like enhanced detection, surveillance and laboratory systems etc said the bank.

Responding to widespread supply chain disruption and understanding the global depreciation of economy, the World Bank is helping countries access critically needed medical supplies by reaching out to the suppliers on behalf of the governments and amidst this crises, the bank is also requesting others to come forward and provide financial help if they can so that entire nations can fight as one unit to eradicate the virus.

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