Facebook has pledged to invest $100 million in the news industry at a time when the ongoing coronavirus pandemic means that accurate reporting is more important than ever.

According to a blog post from the American firm, $25 million will be provided in grant funding for local news through the Facebook Journalism Project, while the remaining $75 million will come in to support several worldwide news organizations.

The tech company states that high-quality and accurate reporting is more important than ever, as misinformation about the virus spreads online.

And as it spreads, it creates more panic.

The Silicon Valley-based company also said that they launched a new policy prohibiting ads for products that refer to the coronavirus in ways intended to create a panic or imply that their products guarantee a cure or prevent people from contracting it.

Therefore, it pledged to do its bit to remove the misinformation that is posted on its platform.

Meanwhile, for businesses affected by COVID-19, Facebook said it is creating a Business Resource Hub to help small businesses stay connected to customers and keep their business on track.

"We are also temporarily banning advertisements and commerce listings that sell medical face masks. Our global network of third-party fact-checkers are continuing their work in reviewing content and debunking false claims that are spreading related to the coronavirus,” the post reads in part.

Facebook’s Head of Public Policy for East and Horn of Africa, Mercy Ndegwa said they are committed to partnering with governments, technology companies, and civil society to respond to the immense challenges presented at this time by countries.

"We will continue to provide support to the relevant bodies locally. We also encourage all users to check the facts via official public health agencies before sharing messages that have been forwarded to them, and to engage directly with trusted and official sources for important information,” Ndegwa said.