The World Bank has announced that it is urgently releasing 12 billion USD to help countries to take effective measures to curb the coronavirus epidemic and mitigate its economic impact.

“The COVID-19 infection has spread to more than 60 countries”, said World Bank President David Malpass.

The funds will go to helping developing countries strengthen their healthcare systems, including expanding access to medical services. The package will provide grants and low-interest loans to low- and middle-income countries.

The package will provide up-to-the-minute initial quick-access crisis resources of up to 12 billion USD – 8 billion USD of which is fresh money. The amount includes up to 2.7 billion USD in new financing from the International Bank for Reconstruction and Development, 1.3 billion USD from the International Development Association, supplemented by 2 billion USD from the bank’s existing portfolio, and 6 billion USD from the International Finance Corporation. The assistance will also include policy advice and technical assistance based on global and country-level knowledge.

The support will cover a range of measures to strengthen health and primary care services, improve disease surveillance and reporting, educate health professionals and promote community engagement, maintain public confidence and improve access to treatment for the most vulnerable – poor patients.

“We are working to provide a fast and flexible response based on the needs of developing countries to cope with the spread of COVID-19”, said David Malpass. “This includes emergency funding, policy advice, and technical assistance, building on existing tools and expertise of the World Bank Group to help countries respond to the crisis”, added he.

In other news Tuesday, the World Health Organization declared coronavirus more deadly than seasonal influenza. “About 3.4% of COVID-19-infected coronaviruses have died, far exceeding the mortality rate from seasonal influenza (below 1%)”, said WHO Director-General Tedros Adhanom.