World Bank adds $8 billion more for Covid vaccines

World Bank recently added $8 billion to finance Covid-19 vaccines, which expands financing available for vaccines to $20 billion for developing countries.

Key Points

  • Earlier World Bank had announced $12 billion.
  • Funding will be available through 2022.
  • World Bank Chief called on countries with surplus doses to donate it for use by developing countries.
  • He also asked vaccine manufacturers to prioritise available doses for developing countries that urgently need them.
  • World bank’s private financing arm, International Finance Corporation, secured 600-million-euro package for South African vaccine manufacturer to boost production of Covid-19 vaccines in African continent.
  • It also provided over $4 billion to purchase and deploy Covid vaccines for 51 developing countries.

Background

World Bank Group has approved about $150 billion to fight the health, economic, and social impacts of covid-19 pandemic ever since the pandemic started. Since April 2020, it has scaled up its financing by 50 per cent and helped 100 countries to meet emergency health needs and strengthen pandemic preparedness.

Challenges

According to World Bank, significant challenges still remain regarding vaccine deployment and hesitancy.

International Finance Corporation (IFC)

IFC is an international financial institution offering investment, advisory and asset-management services in order to encourage private-sector development across less developed countries. IFC is also a member of World Bank Group. It is headquartered in Washington D.C., United States. IFC was established on 1956.  It is the private-sector arm of World Bank Group. Its aim is to create opportunities for people so that they can escape poverty and achieve better living standards.

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