World Bank increases COVID-19 vaccine funding to $20 billion

The World Bank has added 8 billion dollars more for Coronavirus vaccines, totaling 20 billion dollars, for the developing countries. Earlier, the international bank had announced 12 billion dollars.

In an official statement on June 30, 2021, the bank informed that the funding will be available through 2022.

The World Bank Group President David Malpass, in a statement, stated that in view of the surging demand for the World Bank Vaccine finance, he is pleased to announce that the World Bank is expanding its financing available for Coronavirus vaccines to $20 billion over the next 18 months, adding $8 billion to the previously announced $12 billion.

Malpass also called on the countries with surplus COVID-19 doses to release it for use by developing countries. He also asked the vaccine manufacturers to prioritize the available doses for the developing countries that need them urgently.

Given accelerating demand for #COVID19 vaccine finance, the @WorldBank Group is now able to make available financing up to $20b over the next 18 months – surplus doses must be released for use by developing countries.

Read my remarks here: https://t.co/B17iFJq5on

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— David Malpass (@DavidMalpassWBG) June 30, 2021

World Bank’s assistance to developing nations:

• The private financing arm of the World Bank, the International Finance Corporation, has secured a 600 million euro package for a South African vaccine manufacturer to ramp up the production of Covid treatment therapies and vaccines in the African continent.

• The International Bank has also provided over $4 billion for the purchase and deployment of COVID vaccines for 51 developing nations, half of which are in Africa.

• Since the start of the pandemic, the World Bank Group gave its approval to more than $150 billion to fight the economic, health, and social impacts of COVID-19.

• Since April 2020, the bank scaled up its financing by over 50%. It helped more than 100 countries meet their emergency health needs, while also supporting the countries as they protect the poor and jobs, and jump-starting a climate-friendly recovery.

• World Bank also confirmed a deal with Johnson & Johnson for 400 million doses for Africans.

Addressing challenges regarding vaccine deployment and hesitancy:

The bank has been developing countries in every region of the world with vaccine rollouts and purchases, including enhancing transparency, efforts to boost supply, match available doses with country needs and accelerate deployment.

However, significant challenges still remain regarding vaccine deployment and hesitancy. The bank has been taking action on all fronts to tackle these challenges, while also working in solidarity with various international and regional partners to expedite the doses to as many people as possible.’

Work is also being done to enhance the disease surveillance, preparedness and response.