The World Bank has invested more than US$157 billion in the past 15 months to address the health, economic and social impact of the COVID19 pandemic.
As the largest response to the crisis, the World Bank has pledged more than US$157 billion in funding in the past 15 months to help deal with the health, economic, and social impact of the COVID19 pandemic.
The bank said on Monday that this meant an increase of more than 60% in the 15 months before the pandemic.
World Bank Group President David Malpass said: "Since the beginning of the pandemic, the World Bank Group has committed or mobilized a record $157 billion in new funding. This is an unprecedented level of support for an unprecedented crisis."
He said: "During this ongoing pandemic, we will continue to provide important assistance to developing countries to encourage broader economic recovery."
Malpass said that the World Bank Group has established itself as a fast, innovative and effective platform to help developing countries cope with the epidemic and build resilience to future crises.
"But we still need to do more," he said, adding that he is still deeply concerned about the limited supply of vaccines, which is critical to saving lives and livelihoods in developing countries.
According to a press release, the IBRD’s support to countries totaled US$45.6 billion, including a reduction of US$10 billion in the IBRD’s anti-crisis buffer and the annual sustainable loan limit approved by the board of directors.
The total amount of grants and interest-free or interest-free loans provided by the International Development Association (IDA) to the world’s poorest countries is US$53.3 billion. In order to meet the growing demand for financing, the World Bank exhausted all remaining IDA18 resources in fiscal year 2020 and advanced about half of the resources. "The three-year IDA-19 resource kit for the 21st fiscal year," he said.
In the same 15 months, the International Finance Corporation (IFC), the private sector development arm of the World Bank Group, achieved a record US$42.7 billion in loans, including short-term loans (US$10.4 billion). Billions) and mobilization ($14.9 billion), 37% of which are in low-income, fragile and conflict-affected countries, the statement said.
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