The World Bank is prepared to roll out up to $160 billion over the next 15 months to help developing countries deal with the impacts of the coronavirus pandemic.
The World Bank's board of executive directors approved the first phase of the emergency support plan Thursday, which includes $1.9 billion in projects to help 25 countries. New operations are also moving forward in an additional 40 countries.
The money will be used to provide training for health care personnel, purchase medical supplies and equipment and support the most vulnerable residents cope with the effects of the pandemic.
The World Bank's president told reporters: "We are working to strengthen developing nations' ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery."
Earlier in the week, the World Bank warned the financial impacts of the coronavirus pandemic could leave millions of people in poverty unless "urgent action" is taken.
Contains footage from CNN.