(Business-insider.com) – As coronavirus reaches more than 60 countries, the World Bank Group has pledged to make available an initial package of up to USD 12 billion to assist countries coping with the health and economic impacts of the global outbreak.
The bank on Tuesday (local time) released a statement announcing an emergency fast track package that includes low-cost loans, grants, and technical assistance.
“We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19,” said World Bank Group President David Malpass.
“This includes emergency financing, policy advice, and technical assistance, building on the World Bank Group’s existing instruments and expertise to help countries respond to the crisis,” he added.
The statement further stated that the financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by coronavirus.
The organisation asserted that it would prioritise the poorest and most at-risk countries in distributing the aid to counter the effects of the virus.