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World Bank surges support to combat Coronavirus in Middle East, N. Africa

WASHINGTON, April 3 (KUNA) -- The World Bank is collaborating with countries across the Middle East and North Africa to help address the urgent public health needs of COVID-19 outbreak.
Financing across the region, from emergency response components and a fast-track package for new projects, is part of the World Bank Group's new Fast Track COVID-19 Facility, a global effort to help strengthen the COVID-19 response in developing countries.
The immediate response includes financing, policy advice, and technical assistance to help countries cope with the urgent health needs of the pandemic and slow the spread of the disease.
"We have been working closely, around the clock, with governments across the region to dispatch immediate help," Ferid Belhaj, World Bank Vice President for the Middle East and North Africa, said.
"This effort will continue throughout the crisis and beyond, as we work to save lives, slow the spread of the pandemic, and hasten the recovery across the region." April 2, Djibouti: With a USD 5 million IDA credit, approved by the Board of Directors on April 2, the World Bank is supporting the implementation of Djibouti's Preparedness Plan through the Djibouti COVID-19 Response Project.
April 2, Yemen: A USD 26.9 million IDA grant, approved by the World Bank Board on April 2, will help Yemen immediately respond and mitigate the risks associated with the COVID-19 outbreak and limit the possible extent of the spread of the disease in Yemen.
March 20, Egypt: THE World Bank activated the Contingency Emerg- ency Response Component (CERC) under the "Transforming Egypt's Healthcare System Project" March 12, Lebanon: In response to the COVID-19 outbreak, the World Bank reallocated funds under the Lebanon Health Resilience Project to respond to the crisis.
Date unavailable, Morocco: The World Bank proceeded with the restructuring of a Disaster Risk Management Development Policy Loan On March 6, the World Bank reallocated funds from the Health System Strengthening Project.
The World Bank Group is rolling out a USD 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 USD8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial USD 6 billion available for the health-response.
As countries need broader support, the World Bank Group will deploy up to USD 160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery. (end) rsr.mb