World Bank supports India by funding COVID-19 vaccine programme

• This financial aid will be for low and middle-income developing countries.
• Numerous countries have begun taking advance orders for Covid-19 vaccines by paying money beforehand.
• The World Bank would be delighted to assist the government in the vaccination area if asked, but there are currently no requests.

THDNewsDesk, Mumbai: An official of the global financial institution stated that the World Bank’s $1-billion aid package for India to battle the pandemic could be utilized for the country’s Covid-19 vaccine program. The statement was in reply to whether the World Bank has accepted any plead from the Indian government for its Covid-19 vaccine distribution program.

A World Bank spokesperson stated, “We have an ongoing Covid programme of $1 billion to support the government of India, specifically in the health sector. It covers various aspects – from emergency response to supporting the state’s build delivery capacity. It also has the flexibility to be used for any aspect of the vaccine program.”

The official stated it is on the government to utilize the resources to see the highest value addition. The World Bank would be delighted to assist the government in the vaccination area if asked, but there are currently no requests. India’s three vaccine candidates are in phase 2/3 trials. Numerous countries have begun taking advance orders for Covid-19 vaccines by paying money beforehand; India is yet to take that step. The officials included in India’s Covid-19 vaccine development program have stated the country has numerous vaccine investment methods and will study the options. Still, for now, the companies are waiting for the trial statistics.

In September, David Malpass, Group President, World Bank, declared that its committee would issue up to $12 billion of fast track funding to countries for the buying and distribution of Covid-19 vaccines “once they have been approved by several highly respected, stringent regulatory agencies.”

Malpass stated, “Our vaccine financing is additional to the Covid fast-track health financing we announced in March and is an important part of the World Bank Group’s intention to make available $160 billion in grants and financial support over a 15-month period to help developing countries respond to the health, social, and economic impacts of Covid-19.”

This financial aid will be for low and middle-income developing countries. The International Finance Corporation (IFC), the World Bank’s private sector arm, is also supporting vaccine manufacturers. Hyderabad-based Biological E is a part of them. The financing from IFC for companies is to direct bottlenecks, buying vials, needles and syringes, and cold storage capacity.

Source-Economic Times