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$750 million loan from World Bank to South Africa to recover from corona crisis

The World Bank has approved a $ 750 million Covid-19-related loan to South Africa to protect the poor and support economic recovery from the pandemic, the South African finance ministry said.

South Africa, the continent’s second largest economy, has been hit hard by four waves of outbreaks that have killed about 94,000 people and infected 3.5 million, the largest number in Africa.

Subsequent lockdowns for the protection of people led to the closure of thousands of businesses, increasing the number of unemployed, which in turn led to an increase in the unemployment rate in South Africa last year.

“World Bank support is coming at a critical time for us,” said Dondo Mogayane, director general of the State Treasury.

The funds from the development policy loan will help bridge the financial gap arising from the additional costs of the Covid-19 crisis, he added.

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