Coronavirus: World Bank redirects a $275-million loan to Morocco
The first group of projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 countries using the fast-track process, the international financial institution said. It is also working worldwide to redeploy resources in existing World Bank financed projects worth up to $1.7 billion, including through restructuring, use of emergency components of existing projects (CERCs) and triggering of CAT DDOs and spanning every region.
In this vein, the World Bank announced that it has «an emergency response to help Morocco cope with the effects of the COVID-19 pandemic».
To this end, it has restructured a loan of $275 million (about 2.8 billion dirhams) in support of development policies for disaster risk management, with a deferred drawdown option in the event of a catastrophe.
«The restructuring adds a health-related trigger to the operation to allow the immediate release of funding under the program to address emergency measures», it added.
Regarding the Middle East and North Africa (MENA) region, the WB vowed to work with region countries to help them cope with the health emergency linked to the new coronavirus pandemic.
The World Bank will allocate funding to the MENA region, as well as «policy advice, and technical assistance to help countries cope with the urgent health needs of the pandemic and slow the spread of the disease», the group said in a press release.
The World Bank Group is prepared to deploy up to $160 billion over the next 15 months to support COVID-19 measures that will help countries respond to immediate health consequences of the pandemic and bolster economic recovery.
The broader economic program will aim to shorten the time to recovery, create conditions for growth, support small and medium enterprises, and help protect the poor and vulnerable. There will be a strong poverty focus in these operations, with an emphasis on policy-based financing, and protecting the poorest households and the environment, the press release said.