World Bank not considering new China loans to fight coronavirus

World Bank not considering new China loans to fight coronavirus

The World Bank is offering technical assistance to China to help battle the coronavirus epidemic but no new loans, the development lender’s president David Malpass said.

He told Reuters the bank was working with the World Health Organization (WHO) to aid China, including offering advice about past health crises, but did not plan any financial assistance because China has ample resources of its own.

"My thought is that we all wish them a speedy way to address the coronavirus in China," he said, adding that they have offered technical assistance in the area of health, sanitation and disease policies.

"China has its own large international reserves," and new loans are not being considered at this time, added Malpass.

The only new China financing approved by the World Bank so far in fiscal 2020 is a $150 million loan here towards a $686 million project to sustain forests in the upper reaches of the Yangtze River basin.

China reported that it held $3.115 trillion in foreign exchange reserves in January.

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