Wednesday, October 14, 2020

World Bank approves $12 billion in financing to help developing countries

 The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion ‘envelop’ is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the Covid-19 pandemic, a press note issued by the multilateral development partner reads.

The World Bank also said that its Covid-19 emergency response programs are already reaching 111 countries. Citizens in developing countries also need access to safe and effective Covid-19 vaccines,” the press note reads, adding that it is extending and expanding its fast-track approach to address the Covid emergency so that developing countries have fair and equal access to vaccines.

“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,” World Bank president David Malpass is quoted in the press note.

The International Finance Corporation (IFC) – the private sector lending arm of the World Bank – is investing in vaccine manufacturers through a $4 billion Global Health Platform, the press note reads.

Development and deployment of vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The World Bank will draw on expertise and experience from its involvement in many large-scale immunisation programmes and other public health efforts,” the press note reads, adding that the funding is meant to also help countries access tests and treatments and to support management of supply chains and other logistics for vaccinations in developing countries.

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