World Bank approves USD 50 mn facility for Egypt’s covid-19 emergency response
The World Bank approved yesterday a USD 50 mn fast-track facility to bolster Egypt’s covid-19 emergency response capabilities, according to a statement. The facility will focus on improving Egypt’s medical infrastructure through the distribution of essential medical supplies, supporting quarantine and treatment facilities, and ramping up contact tracing capabilities through improving first responder preparedness. A portion of the funds will also be earmarked for public awareness campaigns addressing personal hygiene and social distancing. The bank granted Egypt last month a separate USD 400 mn loan for universal healthcare.
IBRD, IDA are responsible for providing the global support mechanism: The rapid financing facility comes as part of the USD 6 bn International Bank for Reconstruction and Development (IBRD) and the International Development Association’s (IDA) Global Fast Track Facility which aims to assist vulnerable populations through economic and medical support. Funds allocated by the international lenders are based on population size. Egypt qualified for the maximum receivable amount under the facility for a population of 100 mn.