The World Bank said Tuesday it had asked its board of directors to approve $ 12 billion to help poor countries buy and distribute any vaccines against Covid-19.
The bank has already implemented emergency programs in 111 countries and the additional money, if approved, would be used for low and middle income countries.
“An effective and safe Covid-19 vaccine is the most promising way for the world to reopen safely,” said a World Bank spokesman.
“The global economy will only fully recover when people feel that they can live with confidence, socialize, work and travel.”
The funds would be disbursed over a period of 12 to 18 months.
Covid-19 vaccines are not yet commercially available, but World Bank President David Malpass told French newspaper Le Figaro that “the process of distributing a vaccine is complex” and it is important to anticipate the needs involved .
“We want the poorest countries to have access to it (a vaccine), and in those countries we want the most vulnerable people and medical workers to be vaccinated,” he said.
Malpass said the Washington-based development lender has experience with vaccination programs like polio and measles, as well as crises like the Ebola outbreaks.
The World Bank provided a record $ 45 billion in financial aid between April and June as the global economy contracted amid the Covid-19 pandemic.
(Except for the headline, this story was not edited by GossipMantri staff and published from a syndicated feed.)