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India to receive $1 billion from World Bank in emergency funds to combat coronavirus COVID-19 pandemic

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The World Bank on Thursday announced that it will give India $1 billion in emergency funds to combat the deadly coronavirus COVID-19 pandemic. The Board of Executive Directors of the World Bank approved a first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 response.  

India, the third-largest economy in Asia, will receive $1 billion to support better screening for the virus, contact tracing and laboratory diagnostics; pay for personal protective equipment; and set up new isolation wards for those infected, said the official release of the World Bank.

It has approved an initial $1.9 billion in emergency funds for coronavirus response operations in 25 countries and said it was moving quickly on projects in 40 others. In addition, the World Bank said it was working to redeploy resources in existing World Bank-financed projects worth up to $1.7 billion. The Bank has said it is prepared to spend up to $160 billion over the next 15 months to combat the pandemic.

The funds approved included $200 million for Pakistan, $100 million for Afghanistan and $82.6 million for Ethiopia, the Bank said. The Bank said it was also helping countries obtain urgently needed medical supplies by asking suppliers on behalf of governments.

Source: Zee News