The boards of World Bank Executive Directors and International Finance Corporation (IFC) approved an urgent finance package of $14 billion to boost enterprises and countries' efforts that aim at countering the spread COVID-19.
The IFC will raise its finances directed towards fighting COVID-19 outbreak to $8 billion, up from $6 billion, to support private sector enterprises and their employees who were gutted due to economic shrinking because of coronavirus threat.
The finance package will be headed also to directly affected sectors, including tourism and manufacturing, in addition to supply chains, operating capitals, and medium finance for private enterprises.
“This package introduces un urgent support for business corporations and their employees to cushion economic and financial impacts of coronavirus outbreak. The world Bank is committed to offer an instant response to developing countries' needs,” the president of the World Bank Group said.
IFC CEO Philippe Le Houérou said the impact of coronavirus on economies and people's living standards will likely continue to be felt after the emergency procedures phase, hoping the private sector in developing countries will become more ready for rapid changes.