World Bank Approves $12 Billion for COVID-19 Vaccines

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The World Bank’s Board of Executive Directors today approved an envelope of $12 billion 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.

World Bank Approves $12 Billion for COVID-19 Vaccines Brandspurng
Protective masks, normally used for surgery, are now in use to fight the Corona Virus SARS-nCov-19. | Photo by Mika Baumeister

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.

- Advertisement -

“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 are key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery.”

Developing countries will have different ways to acquire and deliver approved COVID-19 vaccines. The approach draws on the WBG’s significant expertise in supporting large scale immunization programs for vaccine-preventable diseases, as well as public health programs to tackle infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases.

Read Also:  Fit-Fam! Sweet Tooths! and Yoghurt Lovers! Assemble, Pinkberry is going Greek!

In addition to purchasing COVID-19 vaccines, the WBG financing will also support countries to access to COVID-19 tests and treatments and expand immunization capacity to help health systems deploy the vaccines effectively.  This includes supply chain and logistics management for vaccine storage handling, trained vaccinators, and large-scale communication and outreach campaigns to reach communities and households.

The new financing builds on the broader World Bank health program, which focuses on strengthening the health systems and health service delivery. The Bank’s robust network of technical advice and implementation support capacity, already working on the ground in many developing countries with partner agencies, will help to further strengthen these systems.

- Advertisement -

The International Finance Corporation (IFC), the WBG’s private sector arm, is also investing in vaccine manufacturers through its $4 billion Global Health Platform. The aim is to encourage ramped-up production of COVID-19 vaccines and therapeutics in advanced and developing economies alike—and to ensure that emerging markets gain access to available doses.

World Bank Group COVID-19 Response

The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs.

Read Also:  People Spend Half a Trillion Dollars Out-Of-Pocket on Health in Developing Countries Annually - World Bank

We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery. This includes $50 billion of new IDA resources through grants and highly concessional loans.

- Advertisement -
World Bank Approves $12 Billion for COVID-19 Vaccines - Brand SpurWorld Bank Approves $12 Billion for COVID-19 Vaccines - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

World Bank Approves $12 Billion for COVID-19 Vaccines - Brand SpurWorld Bank Approves $12 Billion for COVID-19 Vaccines - Brand Spur

Latest News

Global Digital Advertising Spending to Jump 14% YoY and Hit $395B in 2021

Although the COVID-19 pandemic slowed the growth of digital advertising, online ads are still expected to increase their market...

Xiaomi shares slide despite positive third-quarter performance

Xiaomi shares slid 3.7% today in Hong Kong to HK$26.15, despite the phone maker’s positive financial and operating performance during the third quarter of the year. The...

Pandemic winners: HP and Dell report better than expected earnings

Both HP and Dell reported their earnings after the close of markets yesterday. The earnings were better than expected as the work-from-home trend lifted...

Manchester City 2020-2021 Squad Most Expensive Out of Top 5 Leagues

Football transfer fees have exploded over the last two decades with some of the top clubs not afraid to spend more than €100M for...

InfraCredit to Raise Fresh Capital

The Infrastructure Credit Guarantee Company (InfraCredit) has revealed plan to raise additional capital to fund critical projects in Nigeria. The unit of the Nigeria Sovereign...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -World Bank Approves $12 Billion for COVID-19 Vaccines - Brand SpurWorld Bank Approves $12 Billion for COVID-19 Vaccines - Brand Spur