The World Bank’s board of directors on Thursday approved the creation of a fund to finance investments aimed at strengthening capacities to prevent, prepare and respond to pandemics.
As the World Bank clarified in its announcement, emphasis should be placed on low- and middle-income countries, while the goal is to launch the fund in the fall.
“The devastating human, economic and social costs of covid-19 have highlighted the immediate need for coordinated action aimed at strengthening health systems and mobilizing additional resources”, the Bank underlined.
The institution added that this fund was created following a proposal by the US, Italy and Indonesia in the framework of their G20 presidencies and has the broad support of the Group of 20.
“Commitments in excess of $1 billion have already been announced” for this fund, with the US, EU, Indonesia, Britain, Singapore, the Gates Foundation and the Wellcome Trust already contributing money.
The World Health Organization also participates in the initiative, offering its expertise, pointed out its president, Tedros Adhanom Ghebreyesus.
A World Bank spokesperson pointed out that if the covid-19 pandemic is not over when this fund is launched, then it can support countries to deal with both the current pandemic and future ones.
SOURCE: APE-ME
Source: Capital
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