(Bloomberg) -- The World Bank is boosting its coronavirus response package by $2 billion with funds from the International Finance Corporation, its lender to the private sector.
The IFC's planned funds are in addition to the $12 billion announced March 3 by the bank, the world's top development institution said in a statement. The assistance is aimed at supporting industry and employees impacted by the disease.
The funds will be dispersed based on a review of requests, the institution said earlier this month, without naming the countries seeking assistance. IFC's support will amount to $8 billion, including the $2 billion of new loans and $6 billion in previously announced support.
“This package provides urgent support to businesses and their workers to reduce the financial and economic impact of the spread of COVID-19,” World Bank President David Malpass said in the statement.
The updated plan comes as governments and central banks step up their emergency actions to protect against greater damage to the global economy and further instability in financial markets.
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