THE World Bank on Tuesday said it has reached USD 2 billion in approved financing for the purchase and distribution of COVID-19 vaccines for 17 developing countries. This financing is part of the USD 12 billion envelope over 24 months for developing countries to acquire and deploy vaccines and strengthen their vaccination systems. For poorer countries financing is on grant or highly concessional terms.

The USD 2 billion is part of a pool of USD 12 billion that the bank has made available overall for vaccine development, distribution and production in low- and middle-income countries. The World Bank expects to expand its support to 50 countries with USD 4 billion worth of commitments by mid-2021.

"Access to vaccines is key to altering the course of the pandemic and helping countries move toward a resilient recovery," said World Bank Group President Mr David Malpass. "As the world attempts to carry out the largest vaccination effort in history, we have stressed the need for countries with excess vaccine supplies to release them as soon as possible, and for financing commitments to COVAX to be encashed."

The bank’s vaccine finance package is designed to be flexible and can be used by countries to procure doses through COVAX or other sources.

It can also finance other key deployment and health system strengthening activities, such as medical supplies, personal protective equipment, vaccine cold-chains, training health workers, data and information systems and communications and outreach campaigns to key stakeholders which are key to ensure vaccination acceptance.