World Bank approves $12 billion to finance SARS-CoV-2 vaccine

NEW DELHI: The World Bank approved $12 Billion as a financial help to developing countries to buy and distribute coronavirus vaccines and test kits. This amount is part of World Banks’s wider package worth $160 billion aimed at helping developing countries in fighting the COVID-19 pandemic efficiently. The World Bank said in a statement on Tuesday, October 13, that its COVID-19 response programs are reaching out to benefit people from 111 countries. This is to ensure that people from developing/under-developed countries also have access to safe and effective COVID-19 vaccines.

David Malpass, President, World Bank, said that they are planning on extending and expanding their fast-track approach to address the COVID emergency. He said that access to safe and effective vaccines and a well-laid out delivery system is key to successfully defeating the COVID-19 pandemic. It will also help those countries experiencing catastrophic economic and fiscal impacts move towards a resilient recovery.

Through a $4 billion Global Health Platform, the International Finance Corporation, World Bank’s private lending arm, is investing in vaccine manufacturers around the world. The World Bank said that they will draw lessons based on their expertise and experience from being a part of numerous global immunization programs.

The funding is meant to also help countries access tests and treatments and to support the management of supply chains and other logistics for vaccinations in developing countries, the bank said.