The World Bank on Tuesday said it had increased to US$14 billion the amount of fast-track financing available to members to respond to the COVID-19 pandemic, adding US$2 billion to an initial package announced on March 3.
The change would give the World Bank’s International Financing Corp (IFC) a total of US$8 billion to support private companies and their employees hurt by the economic effects of the virus, the bank said.
It said that the bulk of the funding would be used by client financial institutions so they could continue to offer trade financing, working capital and medium-term financing to private firms struggling with disruptions in supply chains.
IFC said the funding would also help existing clients in tourism, manufacturing and other heavily affected sectors pay their bills, while aiding the healthcare industry as it races to meet surging demand for services, equipment and drugs.
World Bank president David Malpass said the bank was committed to providing a fast and flexible response based on the needs of developing countries.
“It’s essential that we shorten the time to recovery,” Malpass said. “Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs.”
IFC chief executive officer Philippe Le Houerou said that the institution’s goal was to help clients sustain their operations during the current health emergency phase so they could help economies recover more quickly later.
The Bank said that the boards of directors of the World Bank and the IFC on Tuesday responded to requests from clients and approved the addition of US$2 billion in new funding on top of US$6 billion made available through other IFC instruments.
The new component offers funding from the IFC’s Global Trade Liquidity Program and its Critical Commodities Finance Program, both of which provide support to local banks so they can continue to finance companies in emerging markets.
IFC is the largest global development institution focused on the private sector in emerging markets and works with 2,000 businesses worldwide. Last year, it delivered more than US$19 billion in long-term financing for developing countries.
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