IFC will Allocate US $ 4 Billion to Fight the Pandemic in Poor Countries

“Supporting the private sector will be crucial in helping developing countries achieve an inclusive, sustainable and resilient recovery, as well as stopping the current rise in extreme poverty,” said World Bank Group President David Malpass.

“Our goal with IFC’s fast-track covid-19 mechanism is to provide the necessary liquidity for clients of financial and corporate institutions, which will provide working capital, support jobs and facilitate trade,” he added.

The Board of the International Finance Corporation approved a financing of US $ 8,000 million in March to boost companies affected by the new coronavirus.

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Since then, IFC has deployed US $ 2 billion “allocated under the trade finance of the fast track facility.”

This, according to the multilateral entity, supports client financial institutions to maintain the flow of liquidity towards companies that depend on trade, especially micro, small and medium-sized enterprises (MSMEs), which stands out as one of the main sources of job.

“The IFC’s covid-19 fast track mechanism was designed to provide immediate liquidity to our financial institutions and real sector clients, to preserve jobs and prevent short-term damage,” said Stephanie von Friedeburg, Interim Managing Director and Vice President IFC Executive and Director of Operations.

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