World Bank deployed $157bn in 15 months to fight COVID-19
In its largest-ever crisis response, the World Bank deployed over $157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months. This represents an increase of more than 60 percent over the 15-month period prior to the pandemic, the bank said on Monday.
'Will continue to provide critical assistance to developing countries'
"Since the start of the pandemic, the World Bank Group has committed or mobilized a record $157 billion in new financing, an unprecedented level of support for an unprecedented crisis," World Bank Group President David Malpass said. "We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery," he said.
Concerned about the limited availability of vaccines: Malpass
"The Bank Group has proven to be a rapid, innovative, and effective platform to support developing countries as they respond to the pandemic and strengthen resilience for future shocks," Malpass said. "But we must still do more," he said, adding that he remains deeply concerned about the limited availability of vaccines, which are critical to saving lives and livelihoods, for developing countries.
Support to countries from the IBRD totaled $45.6 billion
According to a press release, support to countries from the International Bank for Reconstruction and Development (IBRD) totaled $45.6 billion, including drawing down IBRD's $10 billion crisis buffer in addition to the board-approved sustainable annual lending limits.
World's poorest countries given $53.3 billion in grants by IDA
Grants and zero or low-interest loans to the world's poorest countries from the International Development Association (IDA) amounted to $53.3 billion, the press release said. To meet increased financing needs, the World Bank fully used all the remaining IDA18 resources in fiscal 2020 and frontloaded about half of all the three-year envelope of IDA19 resources in FY21, it said.
IDA20 was advanced by 12 months for continued surge financing
In February 2021, IDA donor and borrower country representatives agreed to advance IDA20 by 12 months to enable continued surge financing in coming years, it added. Over the same 15 months, the International Finance Corporation (IFC), reached a record high of $42.7 billion in financing, including short-term finance and mobilization, 37 percent of which was in low-income, fragile and conflict-affected states, it said.
MIGA issued $7.6 billion in new guarantees over 15-month period
The Multilateral Investment Guarantee Agency (MIGA), issued $7.6 billion in new guarantees over the same 15-month period since the onset of the pandemic, of which 19 percent supported projects in IDA countries and fragile settings, it said.