World Bank, COVAX unveil plan to speed vaccine supplies to developing countries

The World Bank and the COVAX global vaccine distribution program revealed a finance option on Monday to speed up the delivery of doses to developing countries, where Covid-19 immunization rates trail substantially behind those of wealthier countries.

The system enables COVAX to acquire vaccines in advance from vaccine makers at more competitive costs, based on aggregated demand across nations, with funding from the World Bank and other multilateral development institutions.

“The single greatest issue that developing nations confront in protecting their people against the health, social, and economic repercussions of the Covid-19 pandemic remains access to vaccines,” stated World Bank President David Malpass.

“This approach will enable new vaccination supply and allow governments to obtain vaccines more quickly. It would also make vaccination availability, costs, and delivery timetables transparent “In a statement, he said.

The World Bank’s deal with COVAX, which is backed by the World Health Organization and the Global Alliance for Vaccines and Immunization (Gavi), would enable low- and middle-income nations get more vaccine doses on top of the completely subsidized doses they already get.

The new approach comes as concern grows about low-income countries’ sluggish vaccination rates.

According to data from Our World in Data, only 1.1 percent of people in these nations have gotten at least one dosage, compared to 26.9% of the global population.

Global health experts fear that the epidemic will continue to spread and spawn new strains unless more people are vaccinated around the world.

Countries that currently have World Bank-approved vaccine procurement projects can now request vaccine purchases through COVAX and have the World Bank pay the costs on their behalf using existing project funding.

The World Bank’s approval will reduce demand and financing risks, allowing COVAX to purchase larger quantities of dosages from producers at lower prices.

COVAX has approved the purchase of vaccine doses by 92 low- and middle-income nations, in addition to receiving shipments paid for by other donors.

Through late 2021 and mid-2022, COVAX aims to make up to 430 million extra vaccine doses available through its Advance Market Commitment (AMC) program.

Under the AMC initiative, countries will be able to choose and commit to acquiring individual vaccines based on their preferences.

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments