World Bank approves $12bn for virus vaccines, treatments in developing countries

The World Bank said its executive board approved on Tuesday $12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens.

The financing plan, which aims to support vaccination of up to a billion people, is part of an overall package of $160 billion the multilateral lender has pledged to provide developing countries through June 2021 to help them fight the pandemic.

The programme will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale while signalling to the research and pharmaceutical industry that citizens in these countries also need access to safe and effective COVID-19 vaccines. 

In implementing the programme, the World Bank will support multilateral efforts currently led by WHO and COVAX.

“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,” said World Bank Group President David Malpass.

“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.”

Developing countries will have different ways to acquire and deliver approved vaccines, according to the lender.

The approach draws on the World Bank Goups’s 'significant expertise' in supporting large scale immunisation programmes for preventable diseases, as well as public health programmes to tackle infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases, the lender said.

In addition to purchasing COVID-19 vaccines, the financing package will also support countries with access to COVID-19 tests and treatments, and expand immunisation capacity to help health systems deploy the vaccines effectively.