The World Bank (WB) on October 13 said that it has approved $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatment.

The financing “aims to support vaccination of up to a billion people,” a statement read.

The money is part of an overall WB Group (WBG) package of up to $160 billion through June 2021 designed to help developing countries battle the novel coronavirus pandemic.

"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 finance and technical support so that developing countries can prepare for deploying vaccines at scale, in coordination with international partners," the statement added.

The 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," it added.

The financing approval was expected as Malpass had announced the project in late September.

While vaccines have yet to appear on the market, Malpass noted in an interview with the French daily Le Figaro that it was necessary to prepare because of the complicated vaccine distribution process.

The WB's approach, according to the statement, draws on its "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."

Source: Money Control

BDST: 1410 HRS, OCT 14, 2020
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