World Bank set to deploy $160bn to mitigate Covid-19 impact – The National

World Bank set to deploy $160bn to mitigate Covid-19 impact – The National

President David Malpass says other multilateral lenders are expected to contribute a further $80bn. The World Bank will look to deploy "as much as $160 billion" (Dh587.6bn) over the next 15 months to mitigate the economic impact of Covid-19, the organisation's president, David Malpass, said.. Its efforts will be matched by other multilateral lenders such as the Asian Development Bank and the Inter-American Development Bank, which will contribute a further $80bn, bringing the total to more than $240bn.. The support being offered is being "tailored to the nature of the health, economic and social shocks that countries are facing" as a result of Covid-19, Mr Malpass said in a press conference being held virtually as part of the World Bank and International Monetary Fund's annual Spring Meeting.. The World Bank had focused on "taking fast, broad-based action" in response to the crisis, Mr Malpass said, which has resulted in new, health emergency programmes being set up in 64 countries so far, with a plan to extend this to more than 100 by the end of this month.. The Covid-19 pandemic "is causing deep economic harm and threatening to erase decades of economic progress and poverty reduction", Mr Malpass said.. "We're