The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment.
The financing “aims to support vaccination of up to a billion people,” the bank said in a statement.
The money is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 designed to help developing countries battle the novel coronavirus pandemic.
“This financing package helps signal to the research and pharmaceutical industry that citizens in developing countries also need access to safe and effective Covid-19 vaccines,” the statement read.
“It will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale, in coordination with international partners.”
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