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World bank supports developing nations for Covid Vaccination

  • Health

Support from the World Bank for Providing Access to COVID-19 Vaccines in Developing Countries.

As of the 31st of May in the year 2022, the World Bank had given its approval to activities that would cost a total of $8.7 billion and would assist the spread of vaccines in 74 different countries. In the list that follows, you can find the most recent information on project funding, project papers, and procurement. When further information becomes available, it will be posted on this page as it becomes available.

As a result of this, the World Bank Group is collaborating with partners on the greatest immunisation campaign that has ever been undertaken in the history of the world in an attempt to put an end to the COVID-19 epidemic. During the first phase of the COVID-19 reaction, which took place on April 2, 2020, the Board of Executive Directors of the World Bank adopted a Global COVID-19 Response Program with a budget of $6 billion (also called the COVID-19 Strategic Preparedness and Response Program, or SPRP). 

The initiative has expanded its emergency response efforts to more than one hundred nations, with the goals of preventing, detecting, and responding to COVID-19, as well as strengthening systems for public health preparation. When the SPRP was authorized, the timeline for the possible creation of a vaccine was unknown; nonetheless, attempts to produce vaccines on a worldwide scale moved quite quickly. 

In light of the urgent need for COVID-19 vaccines, the Board of Governors of the World Bank gave their approval on October 13, 2020, for an additional financing of $12 billion to be contributed to the SPRP. This money will be used by developing nations to pay for the purchase and distribution of COVID-19 vaccines (read the project paper).

 President Malpass made the announcement on the 30th of June, 2021, that the total amount of funding that will be made available for the COVID-19 vaccine will be increased to $20 billion over the next 18 months. This is an increase of $8 billion from the amount that had been announced previously, which was $12 billion.

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