World Bank (WB) Permits $12 Billion to Finance Coronavirus (COVID-19) Vaccines

On Tuesday, the World Bank said that it has approved and authorized $12 billion for developing countries to finance the purchase and distribution of coronavirus vaccines, treatments, and tests.

According to the World Bank, the financing “aims to support vaccination of up to a billion people” and the money is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 that has been designed and intended to help developing countries battle the novel coronavirus (covid-19) epidemic. The World Bank further said that “it will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale, in systematization with international partners.

Besides, the International Finance Corporation (IFC), the private sector providing arm of the World Bank is funding in vaccine makers through a $4 billion Global Health Platform and the analyst are also working on developing more than 170 potential coronavirus vaccines.

Due to the outbreaks of the coronavirus (covid-19) that has killed more than 1 million people and that has sickened more than 38 million, while damaging economies and leaving many millions jobless, so the development and deployment of such preventive vaccines is very necessary and crucial.

In a statement, the World Bank’s President, David Malpass said “We are extending and expanding our fast-track approach to address the coronavirus (covid) emergency so that developing countries have fair and equal access to vaccines. The statement extended to say “Access to safe and effective vaccines and strengthened delivery systems is a key to alter the course of the epidemic and help the countries experiencing catastrophic economic and fiscal consequences move toward a resilient rehabilitation.

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

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