The financing is part of the World Bank Group’s $160bn package to help developing countries fight the Covid-19 pandemic
The World Bank Group headquarters building in Washington, D.C. (Credit: Shiny Things/Wikipedia.)
The World Bank (WB) has approved $12bn financing for developing countries to support the purchase and distribute Covid-19 vaccines, tests, and treatments.
The financing programme, part of the World Bank Group’s $160bn package to help developing countries fight the Covid-19 pandemic, is aimed at providing vaccination of up to one billion people.
The international financial institution said that the new financing will add to its Covid-19 emergency response programmes, which are already being implemented 111 countries.
World Bank Group president David Malpass said: “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.
“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 financing programme to support WHO and COVAX’ efforts
The programme is expected to provide financing and technical support to developing countries, enabling them to prepare for deploying vaccines at scale. WB would support the activities carried out by WHO and COVAX.
In addition to purchasing Covid-19 vaccines, the World Bank financing is also anticipated to support the developing countries to access to Covid-19 tests and treatments, along with expanding their immunisation capabilities to ensure effective vaccination.
The support includes management of supply chain and logistics, vaccine storage and handling, training vaccinators, and large-scale campaigns to educate communities and households.
World Bank’s International Finance Corporation (IFC) to invest $4bn in vaccine production
The International Finance Corporation (IFC), a private sector arm of the World Bank, is also investing $4bn in vaccine production, through its Global Health Platform.
The investment is aimed at boosting the manufacture of Covid-19 vaccines and therapeutics equally in developed and developing nations and providing emerging markets with access to vaccine doses.
The World Bank Group claimed that it is acting rapidly to help developing countries strengthen their pandemic response, through public health interventions, critical supplies and equipment, and helping the private sector in operations.