World Bank, China, coronavirus

World Bank promises $12 billion aid to fight Chinese coronavirus

The World Bank has committed $12 billion in aid for developing countries fighting the outbreak. The aid package is in the form of low-interest loans, grants and technical assistance.

The affirmative action comes as world leaders pledge support beyond borders in a bid to halt the economic impact of the pandemic.

The World Bank fears that a long economic slowdown would push countries into recession. The aid is primarily to help nations improve their public health response to the emergency at hand and work with sectors to cushion the economy.

“What we’re trying to do is limit the transmission of the disease,” World Bank Group President David Malpass told the BBC in an interview.

The aid would be distributed in terms of countries that are the poorest and most at-risk. $6bn of the package comes from the International Finance Corporation of the World Bank (IFC) with the rest being made up from available funds in the budget.

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