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World Bank raises $157bn COVID-19 relief in 15 months



World Bank's $800m loan to Nigeria was approved December 2021 – Chaudhuri

The World Bank Group says it has provided over $157bn in 15 months as financing relief to help developing countries survive the impacts of the COVID-19 pandemic.

The global financial institution made the disclosure in a press statement titled ‘World Bank Group’s $157bn pandemic surge is largest crisis response in its history’ which published on its website.

The statement said, “In response to COVID-19 severely damaging the lives and livelihoods of millions of people in developing countries, the World Bank Group deployed over $157bn to fight the pandemic’s health, economic, and social impacts over the last 15 months (April 1, 2020 – June 30, 2021).

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“This is the largest crisis response of any such period in the bank group’s history and represents an increase of more than 60 per cent over the 15-month period prior to the pandemic.

“Bank group commitments and mobilisations in fiscal year 2021 (FY21) alone (July 1, 2020 – June 30, 2021) amounted to almost $110bn (or $84bn excluding mobilisation, short-term financing, and recipient-executed trust funds).

“Since the start of the pandemic, the bank group supported countries to address the health emergency, strengthen health systems, protect the poor and vulnerable, support businesses, create jobs and jumpstart a green, resilient, and inclusive recovery.”

Quoted in the statement was World Bank Group President David Malpass, saying “Since the start of the pandemic, the World Bank Group has committed or mobilised a record $157bn in new financing, an unprecedented level of support for an unprecedented crisis.

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