The World Bank on Tuesday announced to finance $12 billion for covid-19 vaccine for developing nations. The funding will also support covid tests and treatmens of citizens in these country.
The financing “aims to support vaccination of up to a billion people,” the bank said in a statement.
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.”
The funding is a part of World Bank Group’s $160 billion project that it has pledged to provide for countries through 2021 grappling with the fear of coronavirus pandemic.
World Bank Group President, David Malpass, in a statement said, ” Access to safe and effective vaccines and strengthened delivery system is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move towars a resilient recovery.”
Malpass had announced the financing project in September.
While a vaccine for the coronavirus disease is still awaits, Malpass had said that it is better to be prepared considering the difficulties during distribution of vaccine.
Developing countries across the world will have different ways to acquire and deliver a vaccines. The approach will be a part of World Bank Group’s expertise in lending its services to immunization of vaccine curable diseases such as HIV, TB, malaria and other tropical diseases.
Additionally, the funding will also facilitate technical support required in deployment and delivering vaccines in the developing countries.
The WBG’s private sector arm, the International Finance Corporation (IFC), has also invested in vaccine producers through its $4 billion Global Health Platform.
The financing aims to broaden World Bank’s health programme which aims to strengthen public health care system.
