COVID-19: World Bank Mobilizes $157bn In 15 Months

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

This was according to a press statement titled ‘World Bank Group’s $157bn pandemic surge is largest crisis response in its history’ which was published on the bank’s 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).

“This is the largest crisis response of any such period in the bank group’s history and represents an increase of more than 60 percent over the 15 months before the pandemic.

“Bank group commitments and mobilisations in the 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).”

It added, “Since the start of the pandemic, the bank group has 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.