World Bank Group Commits Substantial Resources to the Fight Against COVID-19

WASHINGTON, March 23, 2020 — World Bank Group President David Malpass today issued his remarks from the G20 Finance Ministers conference call on the COVID-19 pandemic.

"These are difficult times for all, especially for the poorest and most vulnerable," he said. "For the World Bank Group, our first goal is to provide prompt support during the crisis, based on a country’s needs. It’s also vital to shorten the time to recovery and create confidence that the recovery can be strong."

"The breadth and speed of our response is critical to its effectiveness. On March 17, the World Bank and IFC Boards approved a $14 billion package to respond to COVID-19," Malpass remarked. "We’re also preparing projects in 49 countries in a new fast-track facility, with decisions expected this week on as many as 16 country programs."

He added, "We are working to provide a fast response, utilizing all our available instruments. Countries need to move fast to boost health spending, strengthen social safety nets, support the private sector and counter financial-market disruption."

"The World Bank Group, including IFC and MIGA, could deploy as much as $150 billion over the next 15 months," said Malpass.

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