World Bank establishes a US$1 billion pandemic preparedness fund
World Bank says it has established a US$1 billion fund for pandemic prevention, preparedness, and response.
The fund has been necessitated by the social costs of the COVID-19 pandemic which claimed millions of lives across the world.
Most poor countries could not effectively respond to COVID-19 due to a lack of resources.
World Health Organisation (WHO) will play a central role by providing technical leadership to the fund.
According to the World Bank, the fund will finance critical investments to strengthen pandemic PPR capacities at national, regional, and global levels, with a focus on low- and middle-income countries.
The fund will bring additional, dedicated resources for PPR, incentivize countries to increase investments, enhance coordination among partners, and serve as a platform for advocacy.
It is expected that the fund will complement the financing and technical support provided by the World Bank, leverage the strong technical expertise of WHO, and engage other key organizations.
Commenting on the fund, World Bank Group President David Malpass said he was pleased with the support from the Bank’s shareholders to establish the fund.
‘’I’m pleased by the broad support from our shareholders for a new Financial Intermediary Fund at the World Bank.
‘’The World Bank is the largest provider of financing for PPR with active operations in over 100 developing countries to strengthen their health systems.
‘’The FIF will provide additional, long-term funding to complement the work of existing institutions in supporting low- and middle-income countries and regions to prepare for the next pandemic,’’ he said.
WHO Director-General Dr. Tedros Adhanom Ghebreyesus said the funding to prepare for a pandemic is crucial.
‘’Access to financing for pandemic prevention and preparedness is crucial.
‘’COVID-19 has exposed major gaps in preparedness capacities, which the Financial Intermediary Fund can address in a coherent manner, as part of the global architecture for health emergency preparedness and response.
‘’WHO will play a central role in the FIF, providing technical leadership for its work in close collaboration with the World Bank to realize this ambitious vision,’’ he said.
World Bank establishes a US$1 billion pandemic preparedness fund
