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World Bank loans South Africa $750 million to fight Covid-19

Loan aims at protecting the poor and vulnerable from the adverse socio-economic impacts of pandemic.

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FILE - A baby cries as her mother receives her Pfizer vaccine against COVID-19, in Diepsloot Township near Johannesburg Thursday, Oct. 21, 2021. A new COVID-19 variant has been detected in South Africa that scientists say is a concern because of its high number of mutations and rapid spread among young people in Gauteng, the country's most populous province, Minister of Health Joe Phaahla announced Thursday, Nov. 25, 2021. (AP Photo/Denis Farrell, File)

By AFP

Published: Fri 21 Jan 2022, 5:59 PM

The World Bank has approved a $750-million 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."

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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.

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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.

AFP

Published: Fri 21 Jan 2022, 5:59 PM

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