Business Current Affairs World Bank to rescue with $160-billion aid to 100 nations

World Bank to rescue with $160-billion aid to 100 nations

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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