NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The problems pushed the bank to target a new emergency financing window of $170 billion for the world’s lowest-income nations, World Bank President David Malpass told reporters Monday. The details still need to be discussed with the board in the coming weeks, he said.

The “crisis response envelope,” to be deployed over 15 months, intends to build on efforts from early phases of the COVID-19 pandemic. The bank mobilized $157 billion back then, Malpass said.

Photo courtesy of Bill Oxford.