World Bank Approves $12 Billion for COVID 19 Vaccines

Addis Ababa, October 14, 2020 (FBC) – The World Bank Board of Executive Directors yesterday approved and envelope of 12 Billion USD for developing countries to finance the purchase and distribution of COVID 19 vaccines, tests, and treatments for their citizens.

The financing, which aims to support vaccination of up to a billion people, is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 to help developing countries fight the COVID-19 pandemic.

It adds new financing to the World 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.

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.

“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,” said World Bank Group President David Malpass.

“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 president added.