South Africa gets R11-bn booster shot from the World Bank to fight Covid-19: As the country battles the pandemic, the World Bank loan will assist to boost the economy
, the treasury announced on Friday.
As the country continues to battle its fourth wave of the virus, treasury director general Dondo Mogajane said the World Bank’s support came at a critical time and would address the financing gap stemming from additional spending in response to Covid-19. The World Bank country director for South Africa, Marie Françoise Marie-Nelly, said the development policy loan illustrates the bank’s partnership with the South African government to stimulate the economy.
As the second largest economy in Africa after Nigeria, South Africa’s performance has spillover effects on the region and it’s improved economic development would provide a boost to other countries.