The World Bank Group has announced that it will extend $150 million in financing to Latin American and Caribbean nations affected by the Zika virus. Zika is a mosquito-borne disease that’s been linked to a serious birth defect and is estimated to have only a “moderate” economic impact in the short term. Initial projections by the bank say Zika will cost the region about $3.5 billion, or 0.06 percent of gross domestic product, in 2016.

According to the World Bank, these funds will also go toward controlling mosquitoes, identifying people at risk, especially pregnant women, caring for babies during pregnancy and after birth, and promoting access to family planning.

According to the financial body, Mexico stands to lose $744 million this year, despite having few confirmed cases for the moment. Ironically, Cuba, where no trace of the Zika virus has been found, may lose $664 million, mostly due to dropping tourism figures. The Olympics will boost Brazil’s flagging economy but it still stands to lose $310 million in revenue.

Additional Info

• The World Bank is an international financial institution that provides loans to developing countries forcapital programs.
• It comprises two institutions: the International Bank for Reconstruction and Development(IBRD), and the International Development Association (IDA).
• The World Bank is a component of the World Bank Group, which is part of the United Nations system.
• The World Bank’s official goal is the reduction of poverty.

Everything You Need To Know About about Zika Virus – HERE