World Bank pledges $12 billion in emergency aid to fight COVID-19

iStock

The World Bank has announced $12 billion in funds to assist countries to cope with the global coronavirus outbreak.

The emergency aid will include low-cost loans, grants and technical assistance that will help countries take effective action to contain COVID-19. 

World Bank President David Malpass called on countries to coordinate their actions as it's critical to saving lives.

"We're announcing today an initial package of immediate support that will make available up to $12bn to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said.

"The point is to move fast; speed is needed to save lives," Mr Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed."

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 11:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!