The Immediate Response Mechanism provides for the inclusion, upon request, of emergency response components in existing and future investments in countries that receive assistance from the World Bank’s International Development Association. Countries that request for this option and meet the eligibility criteria would then be able to access portions of undisbursed funding in their portfolios, up to a total of $2.2 billion.
The mechanism, according to World Bank Vice President for Concessional Finance and Global Partnership Axel van Trotsenburg, would allow the bank to respond to economic emergencies and humanitarian crisie in IDA countries within two weeks.
Financing unlocked through the mechanism could be used to support recovery efforts, repair of basic infrastructure, resumption of basic services and development of programs to restart economic activity, the World Bank explained.
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