From Isaac Anumihe, Abuja
As the devastating effect of COVID-19 variants worsens World Bank has increased its envelope to developing countries from $12 billion to $20 billion.
This was contained in its Annual Report obtained from the bank’s website.
The bank is also commiting an additional $4.4 billion of the global health Multiphased Programmatic Approach (MPA) to vaccine financing for 53 countries.
“In October 2020, as development of COVID-19 vaccines accelerated globally, we made $12 billion available over 24 months to help countries purchase and deploy safe and effective vaccines, through additional financing to the global health MPA; we increased this envelope to $20 billion in June 2021. This flexible package allows countries to procure vaccines through COVAX or other approved sources and to finance related activities that support deployment and strengthen health systems, such as medical supplies and personal protective equipment, vaccine cold chains, worker training, data and information systems, and communications that promote vaccine acceptance. In fiscal 2021, we committed $4.4 billion of the global health MPA to vaccine financing for 53 countries, including redirected financing from existing projects. This includes our support to the Africa Vaccine Acquisition Trust, in partnership with the African Union, announced in June 2021. It will help countries purchase and deploy COVID-19 vaccines for up to 400 million people, supporting the African Union’s target to vaccinate 60 per cent of the continent’s population by 2022” the document, said.
In addition, International Finance Corporation (IFC) is making $4 billion available for local production of vaccines in developing countries.
“IFC is also making $4 billion available to expand health care access and increase the supply and local production of vaccines and personal protective equipment in developing countries as well as unlock medical supply bottlenecks. We are also publishing all of the Bank Group’s operational data on COVID-19 vaccines online. These efforts are further strengthened by ongoing collaboration with a broad range of global partners, including the Coalition for Epidemic Preparedness Innovations, Gavi, the Global Fund, the IMF, UNICEF, the WHO, and the WTO.
“As we work with low-and middle-income countries to address the health crisis and work toward recovery, we are tapping every opportunity to achieve sustainable growth, promote inclusion, and build a better world. We are moving to strengthen health systems, enhance social protection, address unequal impacts on women, keep students in school, preserve and create jobs, combat food insecurity, strengthen institutions and delivery of government services, promote debt sustainability, mitigate and adapt to climate change. These priorities are especially important for the poorest countries and those affected by fragility, conflict, and violence. Through our unique combination of financing, analytics, and experience with past crises—and in partnership with governments, the private sector, and other multilateral organisations—we remain firmly committed to helping countries emerge from this crisis and move toward a green, resilient, and inclusive recovery” the bank, noted.