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WASHINGTON: The World Bank said its executive board approved on Tuesday (October 13) $ 12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens.
The financing plan, which is part of the $ 160 billion in total resources that the multilateral development lender has pledged to provide to developing countries through June 2021 to help them fight the coronavirus pandemic, was reported by first time by Reuters in late September.
The World Bank said the funding program will include technical support to recipient countries so they can prepare for large-scale vaccine deployment, signaling to pharmaceutical companies that there will be strong demand and extensive funding for COVID-19 vaccines. in developing countries.
“This funding package helps signal to the pharmaceutical and research industry that citizens of developing countries also need access to safe and effective COVID-19 vaccines,” the bank said in a statement.
“It will also provide financing and technical support so that developing countries can prepare for large-scale vaccine deployment, in coordination with international partners.”
Access to safe and effective vaccines “and strengthened management systems is key to altering the course of the pandemic and helping countries experiencing catastrophic economic and fiscal shocks move towards a resilient recovery,” said the President of the World Bank Group. , David Malpass, in the statement.
The funding “will also help countries access COVID-19 testing and treatment, and will expand immunization capacity to help health systems implement vaccines effectively,” the statement added.
Funding approval was expected as Malpass had announced the project in late September.
Although the vaccines have not yet appeared on the market, Malpass noted in an interview with the French newspaper Le Figaro that preparation was necessary due to the complicated process of distributing the vaccine.
The Bank’s approach, according to the statement, is based on its “significant experience in supporting large-scale immunization programs for vaccine-preventable diseases, as well as public health programs to combat infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases “.
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