World Bank funds developing countries by $150B to fight coronavirus

CAIRO – 24 March 2020: The World Bank can provide up to $150 billion in resources over the next 15 months to help developing countries fight the coronavirus (COVID-19), according to President of the bank David Malpas.

In a statement to the finance ministers of the Group of Twenty (G20) and the central bankers issued by the World Bank, Monday, Malpas called the creditor countries in G20 to allow the poorest countries to suspend all bilateral debt payments while fighting the virus.

Malbas added that the poorest countries should be allowed to focus their resources on their health responses to the current crisis.

He said that the World Bank is now preparing projects in 49 countries to help to fight the virus under a rapid credit facility, adding that decisions are expected to issue this week.

Earlier this week, the World Bank provided Egypt with a new financing package worth $500 million, with the aim to facilitate access to housing units at subsidized prices for low-income families.

The fund also targets to strengthen the capacity of the Social Housing Fund and support real estate finance in designing policies and coordinating programs in the social housing sector.

WB offers Egypt $500M to provide housing units for low income

CAIRO - 22 March 2020: The World Bank provided Egypt with a new financing package worth $500 million, with the aim to facilitate access to housing units at subsidized prices for low-income families. The fund also targets to strengthen the capacity of the Social Housing Fund and support real estate finance in designing policies and coordinating programs in the social housing sector.