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Wednesday, January 20, 2021

India to get $1B emergency funding from World Bank

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India to get $1B emergency funding from World Bank

The World Bank has announced that India is to receive $1 billion in emergency financing to fight the COVID-19 pandemic.

The assistance will support better screening, contact tracing, and laboratory diagnostics, procurement of personal protective equipment, creation of new isolation wards, the bank said on Thursday.

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It is the bulk of the first package of $1.9 billion fast-track aid that was approved by the Board of Executive Directors under a fast-track programme, the bank said.

The rest of the aid will go to 24 other countries and the bank said that new operations are moving forward in over 40 countries.

Overall the bank said that it “expects to deploy up to $160 billion over the next 15 months to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery.”

In addition, the bank said that it is working to redeploy resources in existing projects worth up to $1.7 billion.

World Bank Group President David Malpass said: “We are working to strengthen developing nations’ ability to respond to the Covid-19 pandemic and shorten the time to economic and social recovery.”

Under the $1.9 billion approved under the fast-track programme, Pakistan will get $200 million for its emergency response in the health, education and social protection sectors.

IANS

READ ALSO: How Bollywood is doing its part against COVID-19

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