The President of the World Bank Group, David Malpass, says the bank is planning to help Nigeria and other crisis-ridden countries overcome their economic woes.
Malpass said the bank will give around $170bn in financing capacity to address the need of the countries between April 2022 and June 2023.
He made this known on Sunday during his address to the Development Committee of the 2022 World Bank/International Monetary Fund Spring Meetings in Washington D.C., US.
The World Bank boss stated that the latest financial response was modelled after its response to COVID-19 last year.
Malpass said the bank provided $157bn over a 15-month period to help countries address the health, economic, and social impacts of the pandemic.
He said: “The bank group is working on a crisis response of around $170bn in financing capacity to address the wide-ranging needs of client countries between April 2022 and June 2023.
“This is modelled on the rapid surge in financing that the Bank Group provided in response to COVID-19, which provided $157bn over a 15-month period to help countries address the health, economic, and social impacts of the pandemic.”
Malpass stated that the Russia-Ukraine crisis and other challeneges were affecting the global economy.
He emphasised that the atrocities committed against civilians and the loss of lives and livelihoods from the war in Ukraine were devastating.