{"id":19853,"date":"2024-02-02T09:47:51","date_gmt":"2024-02-02T09:47:51","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19853"},"modified":"2024-02-02T09:47:54","modified_gmt":"2024-02-02T09:47:54","slug":"world-bank-to-disburse-emergency-loans-from-countries-existing-loans","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/02\/02\/world-bank-to-disburse-emergency-loans-from-countries-existing-loans\/","title":{"rendered":"World Bank to disburse emergency loans from countries\u2019 existing loans"},"content":{"rendered":"\n

In a goodwill gesture, the World Bank (WB) on February 1, 2024 in Washington D.C., approved emergency loans to nations still processing loans.<\/p>\n\n\n\n

From now on, member states hit by a natural disaster will directly tap 10% of emergency funds from their non-disbursed credit.<\/p>\n\n\n\n

The decision also targets reducing the time of non-emergency loan approval, which by June 2025, could be just 1 year.<\/p>\n\n\n\n

Reuters cites Anna Bjerde, Managing Director for Operations at World Bank, who explained the disbursal method. Bjerde said that a $5 billion loan with still $3 billion remaining for disbursal could generate an instant\u00a0$300\u00a0<\/u><\/a>million as emergency response.<\/p>\n\n\n\n

Prompts for this exclusive helping hand are the spate of natural disasters in 2023. Examples include\u00a0Tropical Storm Hilary,\u00a0<\/u><\/a>which impacted American agriculture, earthquakes in Asia, especially in\u00a0southern Philippines<\/u><\/a>, and worldwide El Ni\u00f1o floods.<\/p>\n\n\n\n

Agriculture Could Benefit<\/strong><\/strong><\/h3>\n\n\n\n

For the above reason, WB seeks to expand catastrophe bonds, which applicant countries could receive as insurance settlements during emergencies. The expansion will use the pioneering model of Jamaica, a Hurricane-path country that receives expedited insurance payouts.<\/p>\n\n\n\n

Since farmers are some of the most affected by natural disasters, this insurance program could be beneficial to them. <\/p>\n\n\n\n

Though WB does not disburse funds directly to farmers, it runs a financing partnership with smallholder farmers\u2019 cooperatives. The program runs under its agriculture finance and agriculture insurance <\/u><\/a>projects. <\/p>\n\n\n\n

Besides, the bank\u2019s innovative digital finance products in partnership with e-commerce firms help reduce farming transaction costs. <\/p>\n\n\n\n

Small and Medium Enterprises (SMEs) also use these tools to cut the costs of making multiple business payments.<\/p>\n\n\n\n

Fast-tracking Loan Disbursal<\/strong><\/strong><\/h3>\n\n\n\n

Such transactions, however, come with a 2-year and 3-month wait till the bank approves a loan. The only exception are emergency loans under the new terms.<\/p>\n\n\n\n

This could change as WB intends to slash the loan approval period from 27 months to 12 months, by mid-2025.\u00a0<\/p>\n\n\n\n

The global bank knows that if there are no frequent disbursements, then it is not \u201cimplementing,\u201d says Bjerde. <\/p>\n","protected":false},"excerpt":{"rendered":"

In a goodwill gesture, the World Bank (WB) on February 1, 2024 in Washington D.C., approved emergency loans to nations still processing loans. From now on, member states hit by a natural disaster will directly tap 10% of emergency funds from their non-disbursed credit. The decision also targets reducing the time of non-emergency loan approval,…<\/p>\n","protected":false},"author":3,"featured_media":19854,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nWorld Bank to disburse emergency loans from countries\u2019 existing loans - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/02\/02\/world-bank-to-disburse-emergency-loans-from-countries-existing-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank to disburse emergency loans from countries\u2019 existing loans - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"In a goodwill gesture, the World Bank (WB) on February 1, 2024 in Washington D.C., approved emergency loans to nations still processing loans. 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