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 global coronavirus pandemic, adding US$2 billion to an initial package announced on March 3.
The change will give the World Bank's International Financing Corp a total of US$8 billion to support private companies and their employees hurt by economic from the disease, the bank said.It said the bulk of the funding would be used by client financial institutions so they can continue to offer trade financing, working capital and medium-term financing to private firms struggling with disruptions in supply chains.
World Bank President David Malpass said the bank was committed to provide a fast and flexible response by developing countries to the rapidly evolving crisis caused by the virus.
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