World Bank approves $ 12 billion in funding for viral vaccines and health

The World Bank has approved $ 12 billion in funding to help developing countries buy and distribute coronavirus vaccines, tests and medicines to support vaccinations for up to 1 billion people.

The $ 12 billion "package" is part of a broader World Bank package of up to $ 160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement Tuesday.

The World Bank said its COVID-19 response programs already cover 111 countries.

It says that citizens of developing countries also need access to safe and effective vaccines against COVID-19.

“We are expanding our approach to tackling the COVID problem so that developing countries have fair and equitable access to vaccines,” Bank President David Malpass said in a statement.

“Access to safe and effective vaccines and enhanced delivery systems is key to reshaping the course of the pandemic and is helping countries with disastrous economic and financial impacts move towards sustainable recovery,” he said.

The statement said that the International Finance Corporation, the World Bank's private sector lending arm, is investing in vaccine manufacturers through the $ 4 billion Global Health Platform.

The development and deployment of vaccines is critical to help stop the outbreak of the coronavirus, which has killed more than 1 million people and made more than 38 million sick, devastating economies and leaving millions more unemployed.

The World Bank has said it will draw on its knowledge and experience of participation in many large-scale immunization programs and other public health activities.

The funding is also intended to help countries access tests and treatment and to support the management of supply chains and other logistics for vaccinations in developing countries, the bank said.