In order to support the countries affected by covid-19, the World Bank group announced a few weeks ago, immediate aid of $ 14 billion. In this context, the World Bank recently proceeded with the restructuring of a $ 275 million loan for Morocco.
The World Bank is at the bedside of the MENA region (Middle East and North Africa) affected by the coronavirus pandemic. Thus, the new accelerated funding mechanism put in place by the World Bank Group (a global initiative aimed at strengthening the response to the coronavirus pandemic in developing countries) will allocate funding to the MENA region, by activating the emergency response components of existing projects and by authorizing rapid implementation procedures for new projects.
The objective is to provide an immediate response, consisting of the provision of advice, technical assistance and funding, to help countries cope with the pandemic-related health emergency and slow the spread of the virus . “We are working tirelessly and closely with governments in the region to deliver immediate aid,” said Ferid Belhaj, World Bank vice president for the Middle East and North Africa, adding that this effort will continue throughout this crisis and beyond, to save lives, slow the spread of the pandemic and accelerate recovery in the region.
The World Bank has deployed an emergency response for Morocco to help the kingdom cope with the effects of the Covid-19 pandemic. In detail, To this end, the institution has proceeded with the restructuring of a loan of $ 275 million in support of development policies for disaster risk management, with a deferred drawing option in disaster. It should be noted that the restructuring includes an objective relating to health aid in order to allow the immediate release of funds under the program and respond to emergency measures.
As a reminder, the World Bank group is mobilizing rapid aid totaling US $ 14 billion to strengthen the response of developing countries to the Covid-19 pandemic and accelerate the speed of recovery. This is immediate support that includes funding, advice and technical assistance to help countries facing the health and economic consequences of the pandemic. Note that IFC (International Finance Corporation) contributes $ 8 billion, with funding to help businesses affected by the pandemic and protect jobs.