On Tuesday, the World Bank said that it has approved $12 billion for developing countries for financing the purchase and distribution of Covid-19 vaccines, tests and treatment. The financing “aims to support vaccination of up to a billion people,” said the bank in a statement.
The approved money is a part of an overall World Bank Group (WBG) package of $160 billion through June 2021, which is designed for helping developing nations to fight against the novel coronavirus 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.”
David Malpass, President World Bank Group said in a statement that the access of safe and effective vaccine will strengthened delivery systems and alters the course of the pandemic helping the countries in experiencing recoveries from the catastrophic economic. Malpass had announced the financial approval of project in late September.