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LequteMan
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Economies of the three countries hardest-hit by the Ebola outbreak will receive financial lifts from two different groups, with at least $450 million from a private-sector group affiliate of the World Bank backing the first initiative and $350 million from the European Union (EU) and pharmaceutical industry partners backing the second, CIDRAP reports.
A statement from the International Finance Corporation (IFC), a development institution member of the World Bank, says its targeting $450 million toward trade, investment, and employment in Guinea, Liberia, and Sierra Leone while $250 million is for rapid-response projects and at least $200 million is geared toward investment projects to support economic recovery after the epidemic.
According to Jim Yong Kim, president of the World Bank, "Ebola is a humanitarian crisis first and foremost, but it's also an economic disaster for Guinea, Liberia, and Sierra Leone. That's why in addition to our emergency aid we will do all we can to help support the private sector in these countries to build back their businesses." He also said the outbreak has the potential to do long-term harm to businesses at the global level but especially to the three worst-affected countries.
Yesterday's announcement brings the amount brought together by the World Bank for West Africa's outbreak region to nearly $1 billion. Of the previously committed $500 million announced in August and October, $117 million has already been disbursed, according to the IFC.
The announcement of a boost for the countries' economies came on the same day that the United Nations Development Program (UNDP) released a study showing that the epidemic is choking off revenues, increasing debt and making Guinea, Liberia, and Sierra Leone more dependent on foreign aid.
#Ebola #CIDRAP #SierraLeone #UnitedNations #Liberia #Guinea
A statement from the International Finance Corporation (IFC), a development institution member of the World Bank, says its targeting $450 million toward trade, investment, and employment in Guinea, Liberia, and Sierra Leone while $250 million is for rapid-response projects and at least $200 million is geared toward investment projects to support economic recovery after the epidemic.
According to Jim Yong Kim, president of the World Bank, "Ebola is a humanitarian crisis first and foremost, but it's also an economic disaster for Guinea, Liberia, and Sierra Leone. That's why in addition to our emergency aid we will do all we can to help support the private sector in these countries to build back their businesses." He also said the outbreak has the potential to do long-term harm to businesses at the global level but especially to the three worst-affected countries.
Yesterday's announcement brings the amount brought together by the World Bank for West Africa's outbreak region to nearly $1 billion. Of the previously committed $500 million announced in August and October, $117 million has already been disbursed, according to the IFC.
The announcement of a boost for the countries' economies came on the same day that the United Nations Development Program (UNDP) released a study showing that the epidemic is choking off revenues, increasing debt and making Guinea, Liberia, and Sierra Leone more dependent on foreign aid.
#Ebola #CIDRAP #SierraLeone #UnitedNations #Liberia #Guinea