The International Finance Corporation (IFC), a member of the World Bank Group, will increase the amount of its funding available in connection with the Corona virus to $ 8 billion under the $ 14 billion package, up from a previous figure $ 6 billion, to support private sector companies and their employees who have been affected by the shrinking economic activity caused by the spread of the virus.
Most of the financing provided by the International Finance Corporation will go to the financial institutions dealing with it to enable them to continue to provide commercial financing, support for working capital and medium-term financing for private companies that suffer Of supply chain malfunctions.
The Foundation’s response will also help those dealing with it currently in sectors directly affected by the epidemic, such as tourism and manufacturing, to continue to pay their bills. The financing package will also benefit the sectors involved in the response to the epidemic, including health care and related industries, which face increased demand for medical services, equipment and medicines.
Commenting on this, World Bank Group President David Malpas said: It is necessary to shorten the time needed to recover. This package urgently supports businesses and their employees to mitigate the financial and economic impacts of the spread of the Coronavirus.
The World Bank Group is committed to providing a swift and flexible response according to the needs of developing countries. Support operations are already underway, and the expanded financing tools approved today will help support economies, companies and jobs.
The $ 2 billion additional financing builds on the announcement of the initial financing package on March 3, which included $ 6 billion in funding from the World Bank to strengthen health systems and strengthen disease surveillance and 6 billion from the International Finance Corporation to help provide a lifeline to save small and medium-sized businesses and micro-enterprises most affected by economic shocks.
For his part, Philippe Le Horo, CEO of IFC: This epidemic not only leads to loss of life, its impact on economies and living standards will continue. Most likely after the health emergency phase ends. And with the help of our clients to continue their operations during this ...
