On Wednesday, the World Bank announced that it has increased its funding for the purchase and distribution of COVID-19 vaccines for developing countries by $8 billion, raising the total to $20 billion. Additionally, the bank's private financing arm secured a €600 million ($710 million) package for a vaccine manufacturer in South Africa to boost production, as announced by the international lender in Washington.
David Malpass, President of the World Bank Group, told reporters that "the measures announced today regarding vaccine production, distribution, and financing will save lives, support economic recovery, and help ensure that people in developing countries have the opportunity to thrive." The bank stated in a press release that $20 billion will be available until 2022 for financing vaccine distribution, establishing cold chains, and training healthcare workers.
As of Wednesday, the World Bank has distributed $4.4 billion to 51 developing countries, half of which was in the form of grants or low-cost loans. Malpass urged developed countries to ramp up support for delivering vaccines to developing nations, including distributing their excess doses as most of their populations have been vaccinated.
His statements followed the first meeting of a vaccine task force made up of the heads of the World Bank, the International Monetary Fund, the World Health Organization, and the World Trade Organization. The participants noted in a joint statement that the task force was formed to manage an "operational room" to coordinate the delivery of vaccines to developing countries.
The statement expressed "deep concern over the limited quantities of vaccines and treatments available to developing countries," adding that "urgent action is needed now to stop the increasing human toll." Since the emergence and spread of the coronavirus, the World Bank has approved over $150 billion to help address the health and social impacts of the pandemic.
Meanwhile, the International Finance Corporation (IFC), a member of the World Bank, collaborated with French, German, and American development agencies to secure a financing package for South Africa's leading pharmaceutical company, Aspen. The IFC stated that the resources will allow the South African company to refinance debt and enhance vaccine production. Aspen has contracted with Johnson & Johnson to produce a single-dose COVID-19 vaccine.
Stephen Saad, CEO of the Aspen Group, stated that his company aims "to contribute to the goal of meeting most of Africa’s needs from production sites within Africa."
