IFC’s pandemic response is focused on reaching the most vulnerable people in developing countries. Of the US$8 billion in IFC COVID-19 fast-track financing approved by the IFC Board in March 2020, US$4 billion has been committed to date, of which close to half is expected to benefit people in the poorest countries and fragile states, with the remainder helping to support the fight against COVID-19 across other developing countries and emerging markets.
“Supporting the private sector will be crucial to helping developing countries achieve an inclusive, sustainable and resilient recovery and stem the current rise in extreme poverty,” said World Bank Group President David Malpass. “Our goal with IFC’s fast-track COVID-19 facility is to provide needed liquidity for corporate and financial institution clients, which will provide working capital, support jobs and facilitate trade.”
IFC’s Board in March approved US$8 billion in financing to help companies affected by the outbreak. IFC, the largest global development institution focused on the private sector in emerging markets, has since fully deployed the US$2 billion allocated under the trade-finance envelope of the fast-track facility. This support is helping client financial institutions keep liquidity flowing to businesses that depend on trade, especially micro, small and medium-sized enterprises (MSMEs), a major source of employment.