By Elishya Perera
Washington DC (CWBN)_ The World Bank reported yesterday (Oct 13) that its Board of Executive Directors have approved $12 billion in order to finance the purchase and distribution of COVID-19 vaccines, tests, and treatments for citizens of developing countries. The financing is a part of an overall World Bank Group package of up to $160 billion in financial support over 15 months, “to protect the poor and vulnerable, support businesses, and bolster economic recovery” of more than 100 countries.
In addition to financing, the Bank will also provide technical support, access to COVID-19 tests and treatment, as well as logistics and supply chain management for vaccine storage, trained vaccinators, and outreach campaigns to reach communities and households.
“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,” David Malpass, the World Bank Group President said. “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”.
According to the bank, the financial support aims to signal the pharmaceutical industry that developing countries also require access to safe and effective COVID-19 vaccines. Meanwhile, the International Finance Corporation (IFC), which is the World Bank’s private sector arm, is also investing in vaccine manufacturers through its $4 billion Global Health Platform. The Bank is one of the largest sources of funding for developing countries, and has been taking broad and fast action to help them recover from the overall impact of the pandemic.
Edited By Chathushka Perera
