International Finance Corporation (IFC), a member of the World Bank (WB) Group, has announced US$450 million commercial financing for the Ebola-hit areas.
The commercial financing will enable the trade, investment and employment in three severely Ebola-affected countries -- Guinea, Liberia and Sierra Leone.
To support post-epidemic economic recovery, $250 million would be for rapid response projects while $200 million for investment projects, according to an IFC message received in Dhaka Thursday, reports BSS.
The initiative includes a $75 million Ebola Emergency Liquidity Facility to fund critical imports for Ebola-affected countries.
The facility will support the import of basic goods, including energy, food and agricultural commodities, and other manufacturing goods.
"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," said Jim Yong Kim, president of the WB Group.
"Our private sector arm-IFC will find ways to help boost trade and investment in West Africa, which will be essential to ensure that private companies continue to operate and sustain employment under difficult circumstances," the WB chief added.
The rapid response includes a programme begun in October to reach 800 small and medium enterprises (SMEs) in Guinea, Liberia, and Sierra Leone to help ensure business continuity during the crisis. The programme will provide medical and hygiene supplies; related literature; and training on preventive measures.
In another project, Cordaid of the Netherlands will provide $4.6 million in new financing to IFC's West Africa Venture Fund, focusing on SMEs in Sierra Leone and Liberia.
"IFC will find and create opportunities to encourage private investors to play a large role in the recovery of markets directly and indirectly affected by the ongoing Ebola outbreak in West Africa," said Jin-Yong Cai, IFC Executive Vice President and CEO.
The WB Group is mobilising nearly $1.0 billion for the three countries, including $400 million announced in August and September 2014 for the emergency response, and another $100 million announced in October 2014 to help speed up the deployment of foreign health workers to countries. Of the previously announced $500 million, $117 million has already been disbursed.
