World Bank injects $12bn to help developing countries protect themselves against Covid-19

WORLD. The Board of Directors of the World Bank approved, on Tuesday 14 October 2020, the release of a sum of $12 billion (€10.2 billion) to contribute to the purchase and distribution of Covid-19 vaccines, tests and treatments for people in developing countries. "This financial envelope is a signal to research and the pharmaceutical industry that the citizens of developing countries must also have access to safe and effective Covid-19 vaccines," says a press release.

It will be accompanied by funding and technical support so that developing countries can prepare for the large-scale deployment of vaccines, in coordination with international partners.

According to the Washington-based agency, the effort will support the vaccination of one billion people.

"We are expanding and developing our fast-track approach to address the Covid emergency so that developing countries have fair and equitable access to vaccines," says David Malpass. "Access to safe and effective vaccines and strengthened delivery systems is essential to alter the course of the pandemic and help countries suffering catastrophic economic and fiscal impacts to move towards a resilient recovery," continued the President of the World Bank Group.

The World Bank is already supporting 111 countries with its emergency response programmes to the pandemic. The International Finance Corporation, the private sector arm of the World Bank Group, is investing directly in vaccine manufacturers through its $4bn (€3.4bn) Global Health Platform.