European bank announces $22.7B support amid virus

ISTANBUL

The European Bank for Reconstruction and Development on Thursday announced a €21 billion ($22.7 billion) package to step up its support amid the novel coronavirus pandemic.

The support package will cover the period of 2020-2021, the bank said in a press release.

"The Bank has approved a comprehensive set of response and recovery measures including ... five components," namely resilience framework, trade finance, restructuring, support for new clients, and vital infrastructure, it said.

The bank also focused on sectors hardest hit by the crisis such as tourism, finance, manufacturing, and agribusiness.

"[The bank] will use well-established practices to deploy its help to the real economy quickly and efficiently directly or through local partner banks," it said.

After originating in Wuhan, China last December, COVID-19 has spread to at least 185 countries and regions, with Europe and the U.S. the worst-hit regions.

Worldwide cases reached nearly 2.66 million with around 185,000 virus-linked deaths. Over 723,000 patients have recovered, according to data compiled by the US' Johns Hopkins University.