Help the refugees

If you move around the world by choice, consider helping those forced from their homes by conflict. Donate to the UN Refugee Agency today.

Home News World Bank loans South Africa $750 mln to fight Covid

World Bank loans South Africa $750 mln to fight Covid

Published on January 21, 2022

The World Bank has approved a $750-million (660-million-euro) loan to support South Africa’s Covid response and to bolster the economic recovery from the pandemic, the Treasury said Friday.

In a statement, the Treasury said the loan aims at “protecting the poor and vulnerable from the adverse socio-economic impacts of the pandemic and supporting a resilient and sustainable economic recovery.”

South Africa has the continent’s second-largest economy. The pandemic has left nearly 94,000 people dead, from 3.5 million cases — the highest toll in Africa.

A series of lockdowns and health regulations hobbled the economy, pushing unemployment to a record 34.9 percent in the third quarter of last year.

Since the start of the pandemic, the World Bank has deployed over $157 billion across more than 100 countries to try to mitigate the economic fallout.