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COVID-19: World Bank approves $1bn emergency fund for India

In India, the $1bn fund will support contact tracing, better screening of the patients, setting up new isolation wards, laboratory diagnostics, and personal protective equipment.

Apr 3, 2020 11:34 IST
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The World Bank has approved a $1bn emergency fund for India to tackle the COVID-19 outbreak. The first set of aid projects by World Bank of $1.9 billion, will be assisting 25 countries and India has got the largest emergency financial assistance worth $1 billion.

The World Bank is now working to grant up to $160 billion in the next 15 months that will support the measures important to tackle COVID-19. These measures will focus on economic recovery and health consequences.

In a statement, World Bank mentioned the need for strengthening the developing countries to fight COVID-19 pandemic and to shorten the time period of economic and social recovery.

Objective:

In India, the $1bn fund will support contact tracing, better screening of the patients, setting up new isolation wards, laboratory diagnostics, and personal protective equipment.

Key Highlights

World Bank’s broader economic program will aim to create growth conditions, to shorten the recovery time and to help in the protection of poor and vulnerable.

These operations by World Bank will have a strong poverty focus with an emphasis on policy-based financing along with protecting the environment and the poorest household.

The actions taken by the World Bank are with the purpose of reducing the spread of COVID-19 with health response operations moving forward in over 65 countries.

To control COVID-19 response in the developing countries, World Bank has approved $100 million for Afghanistan, $200 million for Pakistan, $128.6 million for Sri Lanka and $7.3 million for the Maldives.

With the widespread disruption in the supply chain, the World Bank will also help countries to get access to the required medical supplies.

World Bank’s contribution to other nations

The support of USD 100 million to Afghanistan will assist in limiting the spread of the COVID-19. It will enhance health care delivery and intensive care along with detection, surveillance and laboratory systems.

The USD 200 million support to Pakistan will strengthen the emergency response in the health sector. Social protection and educational measures for the poor will help them cope with the immediate effect of the COVID-19 pandemic.

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