New Delhi: The World Bank’s board of executive directors approved $12 billion on Tuesday for developing countries to finance the purchase and distribution of  COVID-19 vaccines, tests, and treatments.  This fund will be  utlized  to support the vaccination of up to 1 billion people. The package will also help developing countries prepare for mass distribution of the vaccine when get becomes available.

World Bank Group President David Malpass said, “We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines." He belives that the access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery.

Let  us tell you that the approval came two weeks after World Bank Group President David Malpass publicly announced the plan on Sept. 29. The $12 billion is part of the group’s pledge to provide $160 billion for COVID-19 aid to developing countries through June 2021.  This fund helps signal to the research and pharmaceutical industry that citizens in developing countries also need access to safe and effective COVID-19 vaccines.  It will also also help developing countries to prepare for deploying vaccines at scale, in coordination with international partners. In implementing the program, the World Bank will support multilateral efforts currently led by COVAX and WHO.

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