As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak, the bank said in a news release.

The financing is designed to help member countries take effective action to respond to and, where possible, lessen the impacts posed by the coronavirus.

The COVID-19 support package will make available initial crisis resources of up to $12 billion in financing — $8 billion of which is new — on a fast track basis. This comprises up to $2.7 billion new financing from IBRD; $1.3 billion from IDA, complemented by reprioritization of $2 billion of the Bank’s existing portfolio; and $6 billion from IFC, including $2 billion from existing trade facilities. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge.

“We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19,” said World Bank Group President David Malpass. “This includes emergency financing, policy advice, and technical assistance, building on the World Bank Group's existing instruments and expertise to help countries respond to the crisis."

Countries face different levels of risk and vulnerability to COVID-19, and will require different levels of support. The Bank Group support will prioritize the poorest countries and those at high risk with low capacity. As the spread of COVID-19 and its impact continues to evolve, the World Bank Group will adapt its approach and resources as needed.