The global financial institution 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.
- The World Bank support reforms that help advance the governments inclusive growth agenda, including in affordable housing and support to farmers incomes.
- The Kenya Inclusive Growth and Fiscal Management Development Policy Financing (DPF), is the second of a two-operation programmatic series aimed at recreating fiscal buffers over the medium term and crowding in private investment.
- Preparation of this DPF preceded the COVID-19 pandemic, but its approval is timely, since it will help to fill the financing gap generated by the severe, ongoing shock to Kenyas economy.
- The DPF thus complements the recently approved Kenya Covid-19 Emergency Response Project which seeks to prevent, detect and respond to the COVID-19 outbreak and strengthen national systems for public health emergency preparedness.
The World Bank measures against COVID-19 pandemic in last three months 2020:
- 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.
- World Bank has announced that it delivered $10 million in emergency funding to Pacific island country Vanuatu to support the countrys response to the combined impacts of the global COVID-19 (coronavirus) pandemic and Tropical Cyclone Harold.
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.
Coronavirus (COVID-19) epidemic is spreading to whole world. In response to this the World Bank has announced an emergency fund of $20 million for Papua New Guinea (PNG) to fight against COVID-19.
Under COVID-19 emergency the World Bank has announced a fast-track financing of $100 million to help Bangladesh prevent, detect, and respond to the COVID-19 (Coronavirus) pandemic. The fund will benefit the citizens of the country with suspected and confirmed infections, at-risk populations, medical and emergency personnel and it also helps public and private service providers, medical and testing facilities, and the health infrastructure of the country.
The Bangladesh has roll out nation-wide COVID-19 Emergency Response and Pandemic Preparedness Project to help upgrade selected health facilities and laboratories to detect, manage and treat suspected and confirmed COVID-19 cases. The project also helps to increase the screening facility in Bangladeshs designated health facilities and entry points.
In April 2020: Coronavirus (COVID-19) epidemic is now spreading to whole world. The World Bank has announced its first set of emergency support operations for developing countries around the world. The group will be using a dedicated, fast-track facility for COVID-19 response. The World Bank Group is planning to provide up to $160 billion over the next 15 months to support COVID-19 measures that will help developing countries to respond immediate health consequences of the pandemic and bolster economic recovery.
The World Bank released $150 million for Dominican Republic in support to contain the spread of COVID-19 (coronavirus) and manage the impact of the pandemic.
The COVID-19 pandemic reaches to more than 60 countries , the World Bank Group announced an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak. This financing is designed to help member countries take effective action to respond to tragic impacts posed by the COVID-19 (coronavirus).
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.