These resources were earmarked to contain the health, economic and social impact of the pandemic, in addition to helping the region respond to challenges such as hurricanes and migration flows. This is the largest response to a crisis of this type in the history of the World Bank Group.

World Bank Group commitments and mobilizations during this period include a total of $14.5 billion from the Banco Internacional de Reconstrucción y Fomento (BIRF) and the Asociación Internacional de Fomento (AIF), known as the World Bank; $10.8 billion from the Corporación Financiera Internacional (IFC) to promote private sector-led sustainable development; and $3.8 billion in guarantees from the del Organismo Multilateral de Garantías de Inversiones (MIGA).

"Latin America and the Caribbean was the region most affected by the COVID-19 pandemic, with 20% of cases and a third of global deaths. The high infection rate and abrupt drop in growth had a devastating social and economic impact", said World Bank Vice President for Banco Mundial para América Latina y el Caribe (ALC),Carlos Felipe Jaramillo. "We acted swiftly to provide a substantial level of new financing to help countries cope with this crisis and provide relief to the most vulnerable".

IFC, the private sector arm of the World Bank Group, committed US$10.8 billion to Latin America and the Caribbean including mobilizations (US$5 billion) and short-term financing (US$2 billion), driven by increased demand for fast-track financing for the manufacturing, agribusiness and services sectors; as well as continued support for the financial industry and successful collaborations for the establishment of public-private partnerships.

Since april 2020, when it launched its response to COVID-19, IFC committed close to US$3.2 billion in liquidity support to the region, helping to expand financing for MSMEs to keep them in business, worked with financial institutions to promote green finance, and supported agro-exporting companies in the region.