World Bank to roll out $160bn emergency aid over 15 months

The isolation facility at Mbagathi Hospital in Nairobi, Kenya. The World Bank has committed $60 million to Kenya to help the East African nation battle the COVID-19 outbreak. (Reuters)
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Updated 02 April 2020

World Bank to roll out $160bn emergency aid over 15 months

  • The board of the Washington-based development lender announced the first set of fast-track crisis funding, with an initial $1.9 billion going to projects in 25 countries
  • India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million

WASHINGTON: The World Bank on Thursday approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.
The board of the Washington-based development lender announced the first set of fast-track crisis funding, with an initial $1.9 billion going to projects in 25 countries, and operations moving forward in another 40 nations, the bank said in a statement.
“We are working to strengthen developing nations’ ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery,” said World Bank President David Malpass.
“The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis.”
The bank also is working to redeploy $1.7 billion of existing funding, including the use of “catastrophic drawdowns,” a type of emergency credit line.
India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million, but funding is going to countries on nearly every continent, the bank said.
In addition, the World Bank’s private sector arm, the International Finance Corporation, is providing $8 billion in financing “to help private companies affected by the pandemic and preserve jobs.”


Turkish Airlines may delay delivery of Airbus, Boeing planes

Updated 27 May 2020

Turkish Airlines may delay delivery of Airbus, Boeing planes

  • The carrier plans to begin some domestic flights on June 4 and international on June 10
  • Airlines chairman said the impact of the coronavirus on market could last up to five years

ISTANBUL: Turkish Airlines, which halted nearly all of its passenger flights as a result of the coronavirus crisis, may delay the delivery of some Boeing and Airbus planes, its chairman was quoted as saying on Wednesday.
The carrier plans to begin some domestic flights on June 4 and some international flights on June 10 as airlines worldwide try to get planes flying again after a global travel slump.
But Turkish Airlines chairman Ilker Ayci said in an interview with Turkey’s Hurriyet newspaper that the impact of the coronavirus could last up to five years and that it would take a while to reach 2019 load factor levels.
Turkish Airlines had received half of its order for 25 Boeing 787-9 planes, he said, adding that the delivery of the rest could be delayed.
The airline is in talks to take delivery of Airbus 350-900s that are ready from an order of 25, and that it was working to delay the delivery of the rest, he said.
“We are trying to lighten the serious loads that could arise. We are getting our narrow-body planes.”
Ayci said Turkish Airlines would no longer offer free in-flight food and drinks on domestic flights and other flights shorter than two hours.
He also repeated that the company would try to maintain employment, but that salaries would have to be adjusted, with the aim of supporting those paid the least.