Sunday, October 25, 2020 | ePaper

WB may ready $12b corona vaccine financing for poor countries

  • Print
Reuters :
World Bank President David Malpass said on Tuesday he is seeking board approval for a $12 billion coronavirus vaccine financing plan to help poor and developing countries secure a sufficient share of vaccine doses when they become available in the coming months.
Malpass told Reuters in an exclusive interview that the initiative, part of $160 billion in coronavirus aid financing pledged by the multilateral lender, is aimed at helping countries procure and distribute vaccines early to healthcare and other essential workers and expand global production. He said the board was expected to consider the plan in early October.
Global competition for early coronavirus vaccine doses is already fierce, months ahead of any approvals, as wealthy countries move to secure supplies, reports Rreuters.
The US government has pledged over $3 billion to secure hundreds of millions of doses of vaccines under development by Britain's AstraZeneca and by US drug giant Pfizer and Germany's BioNTech SE.
Malpass said the World Bank plan aimed to put poor and middle-income countries, where the virus is spreading most rapidly, on the same footing as richer countries by ensuring they have financing to secure supplies and a system for distribution, which will encourage drugmakers to meet their demand.
Without early doses that can bring outbreaks under control, many of these countries risk economic collapse that will push hundreds of millions of people back into poverty.
"Our goal is to alter the course of the pandemic for the low- and middle-income developing countries," Malpass said. "This is a market signal to the manufacturers that there will be financing available for the developing countries and there will be demand. We will begin asking the manufacturers to begin creating allocations for these countries."Malpass said the World Bank also was asking wealthy countries that have "over-reserved" more doses than they will ultimately need to release those doses to poorer countries.
He added that he is working to persuade countries that equitable distribution of vaccines "is important to the world and will give a better outcome for the world."
Separately, Brent McIntosh, US Treasury undersecretary for international affairs, told a Foreign Policy magazine forum on Tuesday that wealthy countries were working on broad vaccine availability.
"There have been intense conversations among various developed countries on ensuring that there are vaccines available in the developing world and those conversations are ongoing at the highest levels," said McIntosh, who oversees US involvement in the World Bank and the International Monetary Fund.
The World Bank programme will disburse grant or loan funding to countries, and will be able to select any vaccine that meets safety criteria, including approval from multiple "highly respected, stringent regulatory agencies," such as those in the United States, Canada, Japan and several European countries, Malpass said.
The World Bank's private-sector arm, the International Financing Corp, in July launched a $4 billion financing platform to boost investment in developing country production of vaccines and other critical health products.

More News For this Category

Audit of government universities urged but to what purpose?

All across the world, university education is seen as the key to a better future, providing the essential tools that people need to sustain their livelihoods, live with dignity

$500 million WB loan sought for vaccine procurement

$500 million WB loan sought for vaccine procurement

Bangladesh has sought U$500 million loan from the World Bank for procurement of Covid-19 vaccine.The funds will be used for procurement, preservation, transportation and distribution of vaccines, according to the

China terms US remarks on its role over Rohingya issue 'inappropriate'

The Chinese Embassy in Dhaka has reacted to the US claim that China has done very little to resolve the Rohingya issue, terming it "inappropriate and not constructive at all".The

Monipur School's guardians demand tuition fee cut

Monipur School's guardians demand tuition fee cut

Staff Reporter :A group of guardians and students of Monipur High School and College have staged a demonstration demanding the reduction of tuition and examination fees.The rally was held in

PK Halder is not returning to Bangladesh now as he falls ill: Lawyers

PK Halder is not returning to Bangladesh now as he falls ill: Lawyers

Proshanta Kumar Halder, who had spoken of his desire to return to Bangladesh amid allegations of having assets beyond means worth Tk 3 billion, has had a change of heart.

Differently abled child violated in Noakhali

Our Correspondent :A differently abled child has been raped allegedly by an 18-year-old in Chatkhil upazila of Noakhali.The victim's mother filed a case under Women and Children Repression Prevention Act

Myanmar vote ban extinguishes hope for ethnic minorities

AFP, Yangon :For many marginalised ethnic minority groups in conflict-plagued regions of Myanmar, next month's national elections had at least offered a glimmer of hope for empowerment.But a decision to

Speedboat capsize 5 bodies recovered in Patuakhali

Our Correspondent  :Coast Guard personnel on Saturday recovered bodies of five people who went missing after a speedboat capsized in the Agunmukha River in Patuakhali on Thursday amid inclement weather.The

Woman pregnant after rape in Bagerhat

Our Correspondent :A woman who was raped on several occasions in Rampal upazila of Bagerhat is currently in the eighth month of her pregnancy.The victim filed a case under the

Constable Harun placed on 5-day remand

Sylhet Bureau :Suspended constable Harunur Rashid of Bandarbazar police outpost in Sylhet has been placed on a five-day remand in a case filed over the death of Raihan Ahmed in