The World Bank and IFC (International Finance Corporation) approved last 17th of March an increased $14 billion package of fast-track financing to help governments and companies in their efforts to prevent, detect and respond to Covid-19 Crisis. The package is aimed to reinforce the diverse national systems for public health.
- $2 billion from the Real Sector Crisis Response Facility, which will support existing clients in the infrastructure, manufacturing, agriculture and services industries vulnerable to the pandemic. IFC will offer loans to companies in need, and if necessary, make equity investments. This instrument will also help companies in the healthcare sector that are seeing an increase in demand.
- $2 billion from the existing Global Trade Finance Program, which will cover the payment risks of financial institutions. This will help to provide trade financing to companies that import and export goods.
- $2 billion from the Working Capital Solutions program, which will provide funding to emerging-market banks to extend credit to help businesses shore up their working capital, the pool of funds that firms use to pay their bills and compensate workers.
- A new component initiated at the request of clients and approved on March 17: $2 billion from the Global Trade Liquidity Program, and the Critical Commodities Finance Program, both of which offer risk-sharing support to local banks so they can continue to finance companies in emerging markets.
Apart from this general aid, IFC is working close to countries in order to provide extra financial aid. For instance, IFC has increased the trade-financing limits for its four banks in Vietnam by $294 million. This allows to continue ending to companies in need, especially small and medium-sized companies.
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