World Bank COVID-19 Relief Fund infomediang

World Bank $157bn COVID-19 Relief Fund Becomes Largest Crisis Response In Its History

Last Updated on July 21, 2021 by Ope Quadri

The year 2020-2021 is historic in the history of mankind as a never-before pandemic hit the universe. It’s called COVID-19, which has posed lots of conspiracy theories about its emergence from China.

While it’s believed to be one of the many diseases man will have to continually face, just like AIDs, some scientists in the United States believed that COVID-19 was an invention of China.

Whether it’s an invention to reduce the world population or not, the World Bank Group didn’t anything for granted when the pandemic broke. It immediately swung into action to raise funds to combat it and reduce its effect on human existence.

In a report by the group, it said it has provided over $157bn in 15 months as financing relief to help developing countries survive the impacts of the COVID-19.

That amount makes it the largest crisis response in its history, “In response to COVID-19 severely damaging the lives and livelihoods of millions of people in developing countries, the World Bank Group deployed over $157bn to fight the pandemic’s health, economic, and social impacts over the last 15 months (April 1, 2020 – June 30, 2021)”,  bank’s said in a statement on its website.

The COVID-19 relief fund represents an increase of more than 60 percent over the 15-month period prior to the pandemic.

“Bank group commitments and mobilizations in the fiscal year 2021 (FY21) alone (July 1, 2020 – June 30, 2021) amounted to almost $110bn (or $84bn excluding mobilization, short-term financing, and recipient-executed trust funds).”

Recalled that the World Bank Group rolled out lots of financial relief support to countries around the World.

“Since the start of the pandemic, the World Bank Group has committed or mobilized a record $157bn in new financing, an unprecedented level of support for an unprecedented crisis,” World Bank Group President David Malpass says.

Nigeria wasn’t left out in part of the recovery programmes which the government rolled out and a dedicated portal was launched for Nigerians to apply for COVID-19 loans for both SMEs and households, if you applied but yet to know if your loan has been approved, more details can be found at: https://infomediang.com/check-your-loan-application-status-with-nirsal

The funds were majorly to create jobs, address the health emergency, protect the poor and vulnerable, support businesses, strengthen health systems, resilient, and inclusive recovery.

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