World Bank approves $12bn for COVID-19 vaccines for Developing Countries

15 Oct World Bank approves $12bn for COVID-19 vaccines for Developing Countries

The World Bank has approved $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens.
The aid is part of an overall package of up to $160 billion through June 2021 to help developing countries fight the pandemic.
David Malpas, the President of the Bank said, “We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines. Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery”, Malpass added.
Global COVID-19 cases surpassed 38 million as of Tuesday night, with more than 1 million deaths recorded, according to a real-time data-tracking tool developed at Johns Hopkins University.
“The virus is resurging with localized lockdowns being re-instituted. If this worsens and prospects for treatments and vaccines deteriorate, the toll on economic activity would be severe, and likely amplified by severe financial market turmoil,” IMF Chief Economist Gita Gopinath said at a virtual press conference.