World Bank moving forward on first $1.7 billion in pandemic aid projects – The National

World Bank moving forward on first $1.7 billion in pandemic aid projects – The National

World Bank moving forward on first $1.7bn in pandemic aid projects. The World Bank's executive board is expected to this week consider the first fast-track funds to help Afghanistan and Ethiopia respond to the coronavirus pandemic, its president said on Sunday.. In a LinkedIn blog on Sunday, David Malpass said funding for the projects could come out of a $14 billion (Dh51.42bn) Fast Track Facility approved last week to help countries deal with health and economic effects of the coronavirus.. Mr Malpass said World Bank teams were preparing projects in 40 countries for up to $1.7bn under the fund.. Projects in Afghanistan and Ethiopia were the most advanced and would be presented to the board this week, he said, preparing them for formal approval.. Work was also advancing on projects in 14 other countries, Mr Malpass said, without identifying them.. The projects could then be quickly replicated in other parts of the same country, through funding from other development banks or in other countries.. The bank and the International Finance Corporation, its private sector arm, were to free up $1.5bn in Covid-19 funding in 24 countries by restructuring existing projects, Mr Malpass said.. Bank officials had also identified ways to