World Bank approve $12 Billion For COVID-19 Vaccines And Tests

Washington D.C

The World Bank approved funds of about US$12 billion as an aid for developing countries to finance the purchase and distribution of the COVID vaccine. Including the $12 billion, an overall package of US$ 160 billion will be provided for developing countries by next year, aim at helping developing nations to treat COVID patients and increase the testing capacity.

The main objective is to strengthen the pandemic response system in developing countries. The financing will also focus on building more efficient supply chain and logistics management for vaccine storage handling, trained vaccinators, and large-scale communication and outreach campaigns to reach communities and households.

World Bank Group's private sector arm International Finance Corporation (IFC) is also investing $4 billion in vaccine manufacturing firms to ramp up the production of potential vaccines and ensure that the developing markets gain access to available drugs. A COVID-19 vaccine is yet to come to the market for large scale use, however, several drugs around the world are in their final phase of testing. Experts believe that a treatment will be available by next year.