World Bank spends $157b to tackle COVID-19 in 15 months | The Nation


By Collins Nweze

The World Bank Group on Sunday said it has spent $157 billion to fight COVID-19-related health, economic, and social impacts in 15 months.

The multilateral institution said in a report that the fund spent between April 1, 2020, to June 30, 2021, was in response to damages done by COVID-19 to the lives and livelihoods of millions of people in developing countries.

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

World Bank Group President David Malpass explained that since the start of the pandemic, the World Bank Group has committed a record $157 billion in new financing, an unprecedented level of support for an unprecedented crisis.

“We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based…

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