World Bank seeks $12 Billion to help poor nations secure COVID-19 vaccines

The World Bank on September 29 said that it has asked its board of directors to approve $12 billion to help poor countries purchase and distribute COVID-19 vaccines. The Washington based institute has already implemented multiple emergency response programmes across the world, however, this money would be specifically aimed at low-income countries, AP reported.

Speaking at a press briefing, World Bank spokesman said, "An effective and safe COVID-19 vaccine is the most promising path forward for the world to reopen safely. The global economy will not recover fully until people feel they can live, socialize, work and travel with confidence."

'Would be distributed within 12-18 months' 

In addition, he also asserted that the total amount would be distributed within a period of 12-18 months. Although COVID-19 vaccines are not yet commercially viable, the organisation's president recently asserted that the distribution of vaccine was a complex process and the organisation wanted to help nations in creating a framework for the same.

"We’re working to expand our fast-track COVID programs to include financing for the purchase and distribution of vaccines.  Using grants, credits, and concessional funding, we will help prepare early to finance low- and middle-income country that don’t have access," David Malpass said at UN general assembly. 

Read: Growth In East Asia And Pacific At Lowest Rate Since 1967 Amid COVID-19: World Bank

Read: Man Arrested For Burgling House Of World Bank Official In South Delhi

This comes as the World Bank indicated that the development in East Asia and the Pacific nations, including China, will witness a slump in growth and development at the lowest rate since 1967. Further, the World Bank Group’s 2020 Human Capital Index released this month that analyzed progress data across 174 countries and depicted sluggish progress in building human capital units.

Warning about the long-term threats to growth and rise in poverty, the World banks’ report recommended the East Asia and Pacific (EAP) governments to initiate fiscal and trade reforms and work on the capacity for “smart containment” rather than economic shutdowns. 

Read: India Ranks 116th In The World Bank's Annual Human Capital Index

Read: Take Loan From World Bank To Help States: Shiv Sena Tells Centre

(With inputs from agencies)

Image credits: investopedia.com