World Bank seeks board approval for $12 bn Covid-19 vaccine financing plan

Business Standard World Bank seeks board approval for $12 bn Covid-19 vaccine financing plan

Malpass told Reuters in an exclusive interview that the initiative, part of $160 billion in coronavirus aid financing pledged by the multilateral lender, is aimed at helping countries procure vaccine.

By David Lawder WASHINGTON (Reuters) - World Bank President David Malpass said on Tuesday he is seeking board approval for a $12 billion (ÂŁ9.33 billion) coronavirus vaccine financing plan to help poor and developing countries secure a sufficient share of vaccine doses when they become available in the coming months.

Malpass told Reuters in an exclusive interview that the initiative, part of $160 billion in coronavirus aid financing pledged by the multilateral lender, is aimed at helping countries procure and distribute vaccines early to healthcare and other essential workers and expand global production. He said the board was expected to consider the plan in early October.

Global competition for early coronavirus vaccine doses is already fierce, months ahead of any approvals, as wealthy countries move to secure supplies.

The U.S. government has pledged over $3 billion to secure hundreds of millions of doses of vaccines under development by Britain's AstraZeneca Plc and by U.S. drug giant Pfizer Inc and Germany's BioNTech SE <22UAy.F>.

Malpass said the World Bank plan aimed to put poor and middle-income countries, where the virus is spreading most rapidly, on the same footing as richer countries by ensuring they have financing to secure supplies and a system for distribution, which will encourage drugmakers to meet their demand.