27 countries seek to "Emergency financing " From the World Bank
Washington, May 23 / WAM / 27 countries have begun to put in place crisis mechanisms that will allow them to quickly obtain “emergency financing” from the World Bank, as part of dealing with the repercussions of the closure of the Strait of Hormuz, especially the rise in fuel prices.
An internal bank document did not include the names of countries or the total amount of money that would likely be requested.
The President of the World Bank previously stated that the Bank’s set of crisis response tools will allow countries to benefit from pre-arranged emergency financing, existing project balances, and rapid disbursement tools to obtain an estimated $20 to $25 billion, noting that the Bank can also redirect parts of its portfolio to raise the total to $60 billion over a period of six months, with the possibility of making other long-term changes to raise the total to about $100 billion.
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