World Bank says will boost financing for COVID-19 vaccines to $20 billion

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The World Bank will boost its total financing for COVID-19 vaccine purchases and deployment to $20 billion from its previous target of $12 billion, World Bank President David Malpass said on Wednesday.

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The global development bank has seen a sharp increase in overall financing demand from developing countries - not just health related expenditure - during the pandemic, the bank’s managing director for operations, Axel van Trotsenburg, said.

He told reporters the World Bank had made nearly $100 billion in lending commitments since the outbreak of the crisis in early 2020, well above the normal level of just under $60 billion. High demand for financing was expected to continue well into 2022, he said.

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