Coronavirus: India to get $1B emergency funding from World Bank

Gallery

MORE...

Sports

India Open Competition in Shotgun begins in Jaipur, paving way for Nationals' qualification

India Open Competition in Shotgun, organised by the National Rifle Association of India (N

Hockey India names Amir Ali-led 20-man team for Junior Asia Cup

Harmanpreet Singh named FIH Player of the Year, PR Sreejesh gets best goalkeeper award

World Boxing medallist Gaurav Bidhuri to flag off 'Delhi Against Drugs' movement on Nov 17

U23 World Wrestling Championship: Chirag Chikkara wins gold as India end campaign with nine medals

FIFA president Infantino confirms at least 9 African teams for the 2026 World Cup

MORE...

Coronavirus: India to get $1B emergency funding from World Bank

Last Updated : 03 Apr 2020 04:06:07 PM IST

World Bank

The World Bank has announced that India is to receive $1 billion in emergency financing to fight the coronavirus 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.

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 coronavirus 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.