Coronavirus: World Bank approves $12 billion for developing countries to buy vaccines

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The World Bank Tuesday approved $12 billion in funding for developing countries to buy and distribute coronavirus vaccines, tests, and treatments.

“The financing, which aims to support vaccination of up to a billion people, is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 to help developing countries fight the COVID-19 pandemic,” a statement from the World Bank said.

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This latest announced will help “signal to the research and pharmaceutical industry that citizens in developing countries also need access to safe and effective COVID19 vaccines,” the World Bank said.

Additionally, the latest package will allow developing countries to prepare for deploying vaccines once made available.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” head of the World Bank David Malpass was quoted as saying.

The latest figures from the John Hopkins Coronavirus Resource Center put the number of coronavirus-related deaths at 1,083,875 globally. The total number of global cases stands at 38 million with the US, India, Brazil and Russia as the four countries with the highest rates, respectively.

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