World Bank offers Egypt $7.9m to fund its measures against COVID-19

CAIRO - 3 April 2020: The World Bank announced that it activated on March 20 the Contingency Emergency Response Component (CERC) under the “Transforming Egypt’s Healthcare System Project” and offered Egypt $7.9 million to fund emergency response activities related to the COVID-19 outbreak.

"The World Bank is mobilizing quickly to support Egypt’s emergency response activities and the implementation of a preventive plan to confront the COVID-19 outbreak," said Marina Wes, World Bank Country Director for Egypt, Yemen, and Djibouti.

The CERC activation will support the Government of Egypt with the implementation of a preventive plan to confront the COVID-19 pandemic, the World Bank said in a press release.

The objective of the Transforming Egypt's Healthcare System Project is to: (i) improve the quality of primary and secondary health care services, (ii) enhance demand for health and family planning services, and (iii) support the prevention and control of Hepatitis C.

Meanwhile, the World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery.

The immediate response includes financing, policy advice and technical assistance to help countries cope with the health and economic impacts of the pandemic.

The IFC is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs.

IBRD and IDA are making an initial $6 billion available for the health-response.

As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.