The World Bank Group is preparing to mobilise between $20 billion and $25 billion in rapid financing to help countries affected by the economic impact of the war in Iran, according to Bloomberg News, citing World Bank President Ajay Banga.
Banga said the funds could be deployed quickly using the bank's crisis response tools, which allow limited reallocation of existing project resources to address urgent needs.
He also indicated that, if the conflict continues to weigh on the global economy, the institution is exploring ways to expand its capacity by a further $50 billion to $60 billion in support. Any assistance would complement potential funding from the International Monetary Fund.