As per latest World Bank Development Update Maldives green energy opportunities and increased investments in renewables energy sector will contribute to post COVID-19 economic recovery. The investment will also create job opportunities for locals.
- The Update, which takes an indepth look at the country’s economy and future outlook, highlights the high toll that the pandemic has inflicted on the countrys economy.
- Earlier in June 2020, to mitigate the economic impact of the COVID-19 pandemic on poor and vulnerable workers in Maldives, World Bank a global financial agency has approved a $12.8 million COVID-19 Emergency Income Support Project for country.
The World Bank measures against COVID-19 pandemic in last three months 2020:
June 2020: World Bank has approved a $100 million Development Policy Credit (DPC) to support to the Nepal Government in improving the financial viability and governance of the electricity sector and recovering from the COVID-19 crisis.
May 2020: The leading financial institution World Bank has approved a financing of $48 million from the International Development Association (IDA) to help Uganda prevent and respond to the threat to livelihoods posed by the desert locust outbreak and to strengthen its national and regional systems for preparedness.
May 2020: World Bank approved a $1 billion budget support operation for Kenya, which helps close the fiscal financing gap. The fund will also help to respond the COVID-19 outbreak.
May 2020: World Bank has approved an emergency loan of USD 20 million to support the Uruguayan Governments efforts to minimize impacts of the Coronavirus pandemic (COVID-19) on the health system.
May 2020: World Bank has approved USD 50 million for Egypt as an emergency response under the World Bank Groups new Fast Track COVID-19 Facility a global effort to help strengthen the COVID-19 response and shorten the time to recovery.
May 2020: World Bank has announced $170 million for the restructuring of the Healthcare Service Network Project requested by Bolivias Ministry of Development Planning. The fund will strengthen the capacity of the healthcare systems response to the Covid-19 pandemic in Bolivia.
May 2020: World Bank has approved a flexible $500 million loan to Ecuador to help during the Covid-19 emergency and to promote economic recovery. The loan is the second in a series of three Development Policy Financing (DPF) operations. The first loan of this series was disbursed in June 2019.
April 2020, In response to COVID-19 (coronavirus) pandemic the World Bank has approved approximately $37 million an immediate funding to Malawis fight against global pandemic. The fund helps COVID-19 Emergency Response and Health Systems Preparedness project of the country.
About World Bank Group
World Bank Group, headquartered in Washington D.C., United States, is a global financial institution. The group provides loans and grants to the poorer countries across the globe. The World Bank has around 189 member countries and having staff from more than 170 countries of the world. The group has offices at around 130 locations across the globe.
The World Bank Group comprises of International Bank for Reconstruction and Development (IBRD), focuses on middle-income and creditworthy poorer countries and the International Development Association (IDA) on the worlds poorest countries. Both institutions provide financing, policy advice, and technical assistance to governments of developing countries.