The World Bank is expected to provide $1.6 billion in Covid-19 vaccine funding for 12 countries including Bangladesh, reports CGTN.
World Bank President David Malpass said the bank is also pushing manufacturers to be more open about where the doses are headed as it races to get more vaccines to poor countries.
The World Bank is working towards standardizing Covid-19 vaccine contracts that countries are signing with drug makers.
Speaking to Reuters, Malpass said he expected the bank’s board to have approved $1.6 billion in vaccine funding for 12 countries including Bangladesh, the Philippines, Tunisia and Ethiopia by the end of March, with 30 more to follow shortly thereafter.
Malpass said that the bank is working with local governments to identify and fill gaps in distribution capacity after they purchase vaccines after a $12 billion World Bank program.
The bank will also standardize the contracts they are signing with manufacturers, he said.
According to the bank’s president, the bank’s International Finance Corp, its private financing arm, has U.S$4 billion to invest in expanding existing production plants or building new ones, including in developed countries, however, needs more data on where current production is headed.
“We are eager to be investing in new capacity, but it’s hard to do because you don’t know how much of the existing capacity is already committed to the various off-takers,” Malpass said in an interview with Reuters.
New or expanded plants could be used to produce other types of vaccinations in the future, he stated.
The bank’s funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he added.
A pledge by the Group of Seven rich countries to intensify cooperation on the pandemic was welcomed on Friday by Malpass.
He said it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.
Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTech SE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.
