COVID-19: World Bank approves $12bn for vaccines

The World Bank says it has approved $12 billion for developing countries to purchase and dispense COVID-19 vaccines, tests, and treatments.

In a statement on Tuesday, the Bretton Wood institution said the “envelope” is part of a World Bank Group (WBG) package of up to $160 billion through June 2021 to aid developing countries to fight the coronavirus outbreak.

The money, which targets vaccination of up to a billion people, will be an addition to the bank’s COVID-19 emergency response programs that are already reaching 111 countries.

“This financing package helps signal to the research and pharmaceutical industry that citizens in developing countries also need access to safe and effective COVID-19 vaccines,” the statement read.

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

The funding will also cover the provision of trained vaccinators, supply chain, and logistics management for vaccine storage handling as well as outreach campaigns aimed at rural communities.

Commenting on the project, David Malpass, World Bank president 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.”

The WBG added that the International Finance Corporation (IFC), its private sector, is investing in vaccine manufacturers through its $4 billion Global Health Platform.