World Bank approves US$ 12bn for developing countries to purchase Covid-19 vaccines
The World Bank said its executive board approved on Tuesday US$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 is part of US$160 billion in total resources that the multilateral development lender has pledged to provide to developing countries through June 2021 to help fight the coronavirus pandemic.
The World Bank said the financing program will include technical support to recipient countries so they can prepare for deploying vaccines at scale, and will signal to drug companies that there will be strong demand and ample financing for COVID-19 vaccines in developing 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 bank said in a statement.