The World Bank said that it has approved $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens. The financing aims to support up to a billion people and is part of an overall World Bank Group package of up to $160 billion to help developing countries fight 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 read.
“It will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale, in coordination with international partners.”
The financing “will also support countries to access to Covid-19 tests and treatments, and expand immunization capacity to help health systems deploy the vaccines effectively,” the statement added.
The financing approval was expected as Malpass had announced the project in late September.
While vaccines have yet to appear on the market, Malpass noted in an interview with the French daily Le Figaro that it was necessary to prepare because of the complicated vaccine distribution process.