World Bank sanctions $1 billion emergency financing for India's fight against COVID-19

As world grapples with dely coronavirus pandemic, World Bank has sanctioned $1 billion as emergency financing for India to step up its battle against fast-spreing infection. This pack is among first set of emergency support operations for developing countries approved by World Bank.

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First Set of Emergency Support

A press release from World Bank says, " World Bank’s Board of Executive Directors today approved a first set of emergency support operations for developing countries around world, using a dedicated, fast-track facility for COVID-19 (coronavirus) response. first group of projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 countries using fast-track process."

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While World Bank has sanctioned emergency financing for countries across globe, statement pertaining to South Asian countries res, "$100 million will support Afghanistan to slow and limit spre of COVID-19 through enhanced detection, surveillance, and laboratory systems, as well as strengn essential health care delivery and intensive care. In India, $1 billion emergency financing will support better screening, contact tracing, and laboratory diagstics; procure personal protective equipment; and set up new isolation wards. $200 million will support Pakistan’s preparedness and emergency response in health sector and include social protection and education measures to help poor and vulnerable cope with immediate impacts of pandemic."

World Bank has said that urgent help to governments and companies is just start of a broer effort. "Given unprecedented challenges that COVID-19 poses, World Bank expects to deploy up to $160 billion over next 15 months to help countries protect poor and vulnerable, support businesses, and bolster ecomic recovery," res an excerpt from statement on World Bank's website.

(Im source - AP)

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