World Bank approves $12bn for Covid-19 vaccines

Funds to support vaccination of up to a billion people

The financing approval was expected as World Bank Group President David Malpass had announced the project in late September. REUTERS

The World Bank on Tuesday said it 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", the bank said.

The money is part of an overall World Bank Group package of up to $160bn until July 2021, designed to help developing countries battle the 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," the bank said.

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

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 towards a resilient recovery", World Bank Group President David Malpass said.

The funds "will also support countries to access to Covid-19 tests and treatments, and expand immunisation capacity to help health systems deploy the vaccines effectively," the bank said.

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

While vaccines have yet to appear on the market, he told the French daily Le Figaro that it was necessary to prepare because of the complicated vaccine distribution process.

The bank's approach, it said, drew on its "significant expertise in supporting large-scale immunisation programmes for vaccine-preventable diseases, as well as public health programmes to tackle infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases".