COVID-19: World Bank Approves $1bn emergency fund for India
The World Bank has approved a $1bn emergency fund for India to tackle the COVID-19 out break. The first set of aid projects by world Bank of $1bn, will be assisting 25 conutries and India has got the largest emergancy 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 tackel COVID-19. These measures will focus on economic recovery and health consequences.
In a statemnt, World Bank mentioned the need for strengthening the developing countries to fight COVID-19 pandemic and to shorten the 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 help in the protection.
- These operations by World bank will have a strong proverty focus with an emphasis on policy based financing along with protecting the envirinment and the poorest household.
- The actions taken by the World Bank with the purpose of reducing the spread of COVID-19 with health response oprations 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 delivary and surveillance and laboratory systems.
- The USD 200 million support to pakistan will stengthen the emergency response in the health sector. Social protection and educational measures for the poor will help them cope with the immediate effect of COVID – 19 pandemic.
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