World Bank approves $12B for COVID-19 vaccines

The World Bank’s Board of Executive Directors has established a pocket of $12 billion for emerging nations to finance the purchase and distribution of COVID-19 vaccines, tests, and therapies for their citizens.

The grant, which aims to promote the vaccination of up to a billion people, is part of an overall World Bank Group package of up to $160 billion through June 2021 to help developing nations fight the COVID-19 pandemic.

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It adds new funding to the World Bank’s COVID-19 emergency response programs that are already transferring 111 countries. This financing package supports a signal to the analysis and pharmaceutical industry that residents in developing nations also need entrance to safe and effective COVID-19 vaccines, stated a press release.

It will also provide financing and technical support so that developing nations can prepare for deploying vaccines at scale, in coordination with international allies. In completing the program, the World Bank will assist multilateral efforts currently led by WHO and COVAX.

“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,” stated World Bank President David Malpass.

In addition to purchasing COVID-19 vaccines, the WBG financing will also assist nations to access to COVID-19 tests and treatments and expand immunization capacity to help health systems deploy the vaccines effectively.

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