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South Africa Gets $750 Million Loan From World Bank For Fighting COVID-19

Scientists work on the COVID-19 at the Centre for Epidemic Response and Innovation in KwaZulu-Natal, South Africa. Prof Tulio de Oliveira, the director of the Centre for Epidemic Response and Innovation in South Africa, said there was an unusual constellation of mutations and that it was very different to other variants that have circulated. In a media briefing Prof de Oliveira said there were 50 mutations overall and more than 30 on the spike protein, which is the target of most vaccines and the key the virus uses to unlock the doorway into our body’s cells.

 

The World Bank has approved a loan of 750 million U.S. dollars to South Africa to fight COVID-19, the treasury said on Friday.

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The national treasury said the development policy loan (DPL) would help tackle COVID-19, protect the poor and vulnerable from the adverse socioeconomic impacts of the pandemic and support a resilient and sustainable economic recovery.

“The World Bank budget support is coming at a critical time for us and will contribute toward addressing the financing gap stemming from additional spending in response to the COVID-19 crisis. It will assist in addressing the immediate challenge of financing critical health and social safety net programs while also continuing to develop our economic reform agenda to build back better,” said Dondo Mogajane, the director-general of the National Treasury.

The World Bank Country Director for South Africa, Marie Francoise Marie-Nelly, said the loan is part of the bank’s program to help stimulate investment and job creation.

“This support aims to put the country on a more resilient and inclusive growth path by leveraging South Africa’s strength to mitigate the effects of the COVID-19 crisis through their strong social safety net and by advancing critical economic reforms,” she said

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Written by PH

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