The Strategist

World Bank to allocate $12B to help poor countries with COVID vaccine

09/30/2020 - 03:59

The World Bank (WB) has announced a $ 12 billion funding plan that will allow poor countries to purchase the coronavirus vaccine when it becomes available, the Guardian newspaper writes.

It is reported that the organization is asking key players from developed countries to support the initiative, under which funding will be allocated over the next 12-18 months.

The initiative is needed, according to World Bank President David Malpass, as COVID-19 has a greater impact on low- or middle-income countries than on developed countries.

“Having this funding is going to be a game changer because once a safe and effective vaccine is available, it will allow people to return to their lives... income level was assessed as well,” - the newspaper quotes the words of Malpass.

He noted that this initiative will be built on the emergency assistance programs that were reported when the crisis began. According to Malpass, the financing plan still needs to be approved by the World Bank Board, but he expressed confidence that it will be approved.

In April, it was reported that the World Bank will provide $ 160 billion over 15 months to combat the impact of COVID-19.