The World Bank has pledged $12 billion in aid for developing countries to fight coronavirus.

According to a BBC report, the emergency package consists of low-cost loans, grants and technical assistance.

World leaders have promised to protect their countries from the economic effect of the outbreak.

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US is on the lead announcing on Tuesday that it will slash the interest rate to increase investor confidence.

There are concerns that a slowdown caused by the virus will cause a recession in a few countries. China’s economic slowdown has feared other countries, as industries have closed down across the country.

More than 90,000 people have contracted the virus and 3,100 killed since the first cases were reported in China’s Hubei province the previous year.

The country worst hit by the infection is South Korea, which reported 516 new cases on Wednesday, totaling the number of confirmed infections to 5,328.

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The World Bank’s aid intends to help countries improve their public health response to the crisis and work together with the private sector to lessen the economic impact.

“What we’re trying to do is limit the disease’s spread,” World Bank Group President David Malpass told the BBC. The organization said it would prioritize providing assistance to the poorest and most at-risk countries to counter the effects of the virus, which has so far spread to over 70 nations.

Half of the package comes from the International Finance Corporation of the bank, which is collaborating with the private sector. Around $4bn of the $12bn will be transferred from previously available assets.