World Bank Seeking Approval for Extra $12 Billion Coronavirus Vaccine Funding Plan

The World Bank is seeking approval from its board to secure a $12 billion financing plan which will be used during vaccination against deadly coronavirus. This information was revealed by World’s bank president David Malpass.

Malpass says the cash will be used to help third world and poor countries to secure enough vaccine doses for their populations when the vaccines hit the markets which could possibly happen in the next few months.

Malpass says this development is part of the $160 billion pledged by World Bank for corona virus vaccine financing in which the international body will help procure and distribute the vaccine across countries when global production of the vaccine start.

The government of United States has so far pledged $3 billion to secure the vaccine being developed by AstraZeneca Plc. (AZN), German based BioNTech SE (BNTX) and Pfizer Inc. (PFE).

World’s bank President says they are aiming to ensure that poor and middle income economies which are recording high coronavirus cases get the same distribution of the vaccine as developed countries.

“Our goal is to alter the course of the pandemic for the low- and middle-income developing countries. This is a market signal to the manufacturers that there will be financing available for the developing countries and there will be demand. We will begin asking the manufacturers to begin creating allocations for these countries,” said Malpass.

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