WB approves $12 bln for COVID-19 vaccines

Alanbatnews - The World Bank (WB) has 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.

In a statement issued late Tuesday, the WB said that 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.

"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 statement added.

It will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale, in coordination with international partners.

"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," the bank's president David Malpass said, noting "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."