World Bank Plans To Spend $12 Billion COVID-19 Vaccine For Developing Countries

In an exclusive report by Reuters, World Bank is preparing a financial plan to ensure that there is an equal distribution of the COVID-19 vaccine between the developed and developing countries. On Tuesday, September 29, 2020, World Bank’s President David Malpass told Reuters in an exclusive interview that he was seeking the approval for the financial plan worth $12 billion from the board executives of the organization. Malpass stated that the approval of the board for the plan is expected in early October.

The world’s leading inter-governmental financial organization has shown concerns to help poor and developing countries secure a sufficient share of vaccine doses when they become available in the coming months. World Bank took the step as the global competition for securing vaccine supplies among the wealthy countries has been soaring up, months ahead of the vaccine approval.

Meanwhile, the International Financing Corp., a private-sector arm of World Bank, unveiled a $4 billion financing plan in July to boost investment in the production of vaccines and other critical health products for the developing countries.

World Bank’s COVID-19 Assistance for Developing Countries

Malpass described that the latest financial plan was part of a $160 billion investment for the expansion and distribution of global production of the vaccine as well as other healthcare benefits for countries worldwide. He also highlighted problems that the COVID-19 outbreak had brought many countries at risk of a collapsing economy and forced hundreds of millions of people back into poverty especially in developing countries.

The President said in a statement, “Our goal is to alter the course of the pandemic for the low and middle-income developing countries.” He added, “This is a market signal to the manufacturers that there will be financing available for the developing countries and there will be demand. We will begin by asking the manufacturers to begin creating allocations for these countries.”

Malpass also stressed that the World Bank had been asking wealthy countries to share their “over-reserved” vaccine doses to poorer countries. He emphasized and appealed to the world leaders that equitable distribution of vaccines “is important to the world and will give a better outcome for the world.”

Global Competition for Securing More Vaccines

The global competition for finding a vaccine for the widespread COVID-19 pandemic became intense and so far, many companies across the globe have claimed to have a positive result of the clinical tests of their vaccine candidates. With these new developments, wealthy countries are currently in the race to secure more vaccines by investing hundreds of millions to the potential vaccine manufacturing companies.

For instance, the United States (US) government has allocated more than $3 billion to secure hundreds of millions of vaccine doses investing in the companies such as Britain’s AstraZeneca Plc, and American drug giant Pfizer Inc., and Germany’s BioNTech SE.

Considering the imminent concerns about fair distribution of the vaccine, US Treasury undersecretary for international affairs, Brent McIntosh told a Foreign Policy magazine forum on Tuesday that various developed countries have been discussing to ensure vaccines are available in the developing world and those conversations are ongoing at the highest levels.