World Bank Funds $12 Billion to Developing Countries for Covid-19 Vaccines

The World Bank said the Board of Executive Directors on Oct 13, 2020 have approved the funding of $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests, and treatments for their citizens, which is part of its financial aid up to $160 billion through June 2021 to help those nations fight against the pandemic.

 

The financing plans will include technical support to recipient countries so they can prepare for deploying vaccines at scale, and will help signaling to drug companies that developing countries also need access to safe and effective Covid-19 vaccines.

 

As of now the World Bank Group Covid-19 Response program is already reaching 111 countries and will contribute $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable countries for economic recovery.