World Bank announces up to $12 bln in immediate funds for coronavirus

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus outbreak that has spread quickly from China to over 60 countries.

World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus, and "much more" aid might be required.

He called on countries to coordinate on a regional and international level, saying the speed and breadth of the response would be critical to saving lives.