WASHINGTON – In response to COVID-19 severely damaging the lives and livelihoods of millions of people in Latin America and the Caribbean, the World Bank Group has deployed a record $ 29.1 billion in this region from the start of the crisis (April 1, 2020) until fiscal year 2021 (ending June 30, 2021) to combat the health, economic and social impacts of the pandemic, as well as to help the region to tackle challenges such as hurricanes and migration. It is the largest response to a crisis of this period in the history of the Bank Group.
The World Bank Group commitments and mobilizations during this period included a combined $ 14.5 billion from the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA ) commonly referred to as the World Bank, $ 10.8 billion from the International Finance Corporation (IFC) to promote private sector-led sustainable development, and $ 3.8 billion in guarantees from the Multilateral Investment Guarantee Agency (MIGA).
âLatin America and the Caribbean has been the region hardest hit by the COVID-19 pandemic, with 20% of global cases and one-third of global deaths. The high infection rates and the sharp contraction in growth have had devastating social and economic impacts, âsaid Carlos Felipe Jaramillo, World Bank Vice President for Latin America and the Caribbean (LAC).
âSince the start of the pandemic, we have acted quickly to provide substantial new funding to help countries cope with the crisis and assist the most vulnerable. “
The World Bank‘s funding and expertise during this fiscal year focused on social protection, health emergencies, testing, vaccines and strengthening country health systems as well as the record deployment of short-term funding. term during the first few months of the pandemic to help keep the private sector afloat. .