World Bank to provide COVID-19 vaccine funding for developing countries

The World Bank has announced plans for a US$12 billion initiative that will allow poor countries to purchase COVID-19 vaccines to treat up to two billion people as soon as effective drugs become available.

In an attempt to ensure that low-income countries are not frozen out by wealthy nations, the organization is asking its key rich-nation shareholders to back a scheme that will disburse cash over the next 12 to 18 months.

World Bank president David Malpass said the initiative was needed because COVID-19 was having a much bigger impact on low and middle income countries than on the developed world.


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