As reported on October 14, 2020, the World Bank has approved US$ 12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests, and treatment. The money is part of an overall World Bank Group (WBG) package of up to US$160 billion through June 2021, designed to help developing countries fight the novel coronavirus pandemic. This package is an indication that the research and pharmaceutical industry in developing countries also need access to safe and effective Covid-19 vaccines. The package will also provide financing and technical support in preparing for deploying vaccines at scale along with international partners.
According to World Bank Group President, David Malpass, access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic. The package will help countries, experiencing catastrophic economic and fiscal impacts, move towards a resilient recovery, have access to Covid-19 tests and treatments, and expand immunisation capacity effectively.
The Bank draws on its ‘significant expertise in supporting large-scale immunisation programmes for vaccine preventable diseases and public health programmes to tackle infectious diseases, including HIV, tuberculosis, malaria, and neglected tropical diseases.
The World Bank is like a cooperative, made up of 189 member states, represented by a Board of Governors, who are the ultimate policymakers at the organisation. Generally, these governors are ministers of finance of member countries, who meet once a year at the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.
Courtesy: ndtv.com