World Bank to rescue with $160-billion aid to 100 nations
- The Covid-19 pandemic is expected to put over 60 million people into extreme poverty globally, the World Bank has said as it announced emergency operations worth $160 billion in 100 developing countries to fight the deadly virus.
- “The pandemic and shutdown of advanced economies could push as many as 60 million people into extreme poverty — erasing much of the recent progress made in poverty alleviation,” World Bank President David Malpass told reporters during a conference call on Tuesday.
- The World Bank Group has moved quickly and decisively to establish emergency response operations in 100 countries, with mechanisms that allow other donors to rapidly expand the programmes.
- Of the 100 countries, home to 70 per cent of the world’s population, 39 are in Sub-Saharan Africa.
- Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger.
- “This represents a significant milestone in the World Bank Group’s effort to deploy $160 billion over a 15-month period.
- The programmes are tailored to the countries to effectively respond to the health, economic and social shocks that each of them are facing.
- The programmes will reinforce healthcare systems and also help procure vital life-saving medical equipment and supplies.
About World Bank-
- The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
- It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- The World Bank is a component of the World Bank Group.
- Formation – July 1944
- Motto – Working for a World Free of Poverty
- Headquarters – Washington, D.C., U.S.
- Membership – 189 Countries (IBRD), 173 Countries (IDA)
- President– David Malpass