Developing countries struggling with the spread of Coronavirus will receive financial support from the World Bank to battle the virus, which has killed about 3,000 people globally, mostly in China.
The World Bank said it would disburse $12 billion to the developing countries in order to curb the impact on their economy as well.
The financial aid is considered as an emergency package to avert the impact of coronavirus on economies in these developing countries, although the coronavirus is not widely spread in Africa compared to Asian, American and European countries.
World Bank will be offering low-cost loans, grants and technical assistance to assist in the battle against coronavirus, which still doesn’t have a cure. Already, more than 92,000 cases of the virus have been confirmed worldwide and more than 80,000 are in China.
The $12 billion will enable improvement in the health system of developing countries, as well as provide finance for the private sector to reduce the economic impact. Speaking on the new commitment, World Bank Group President, David Malpass, told the BBC that, “What we’re trying to do is limit the transmission of the disease.”
[READ MORE: IMF, World Bank to hold virtual meetings over Coronavirus epidemic)
Which of the developing countries: The World Bank is narrowing its support for the developing countries to the poorest and most at-risk countries economic-wise, like Sri Lanka, Vietnam, and the Philippines. Also, countries with economic ties with China, which have a weak health system and limited financial resources – are considered most vulnerable to the coronavirus outbreak.
According to a report, from the $12 billion, about $4 billion will be shifted from previously available funds. The fund will be disbursed through World Bank’s International Finance Corporation, which works with the private sector.
With the coronavirus already confirmed to be in more than 70 countries, this fund will come in handy as the virus is already impacting trade negatively. But despite the spread, Nigeria has only recorded one case of coronavirus, which was detected on an Italian man a day after he arrived in Nigeria.
Nigeria has been active in the fight: Nigeria is equipped to curb the spread of the virus as seen by recent happenings within the country. Nigeria is one of the countries that have the test equipment to detect and diagnose an individual with the symptom.
