The World Bank has approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests, and treatments for their citizens.
Development Diaries understands that this fund is aimed at supporting vaccination of up to a billion people.
It is part of an overall World Bank Group package of up to $160 billion through June 2021 to help developing countries fight the Covid-19 pandemic, according to the bank.
‘We are extending and expanding our fast-track approach to address the Covid emergency so that developing countries have fair and equal access to vaccines’, World Bank Group President David Malpass said in a statement.
‘Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery’.
It was also learnt that the International Finance Corporation (IFC), the WBG’s private sector arm, is also investing in vaccine manufacturers through its four billion dollars global health platform.
The aim, according to the bank, is to encourage ramped-up production of Covid-19 vaccines and therapeutics in advanced and developing economies alike.
According to the bank, developing countries will have different ways to acquire and deliver approved vaccines.
‘The approach draws on the WBG’s significant expertise in supporting large scale immunization programs for vaccine preventable diseases, as well as public health programs to tackle infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases’, the bank stated.
Source: World Bank
Photo source: International Labour Organisation