The World Bank announced that its executive board approved $12 billion to fund purchasing and distribution of COVID-19 vaccine across third world countries once a suitable vaccine will be released.
Developing countries will also use the cash to test and treat the disease, World Bank’s executive board approved the funding plan on October 13.
This funding plan is part of the wider $160 billion World Bank has pledged to disburse in developing countries all through June next year to help these countries fight the coronavirus pandemic.
In a statement issued by the multilateral development lender, World Bank said the funding program will be inclusive of technical support to assist beneficiary countries to make preparations of distributing the vaccine on a wider scale.
The World Bank is also working with biotechnology and pharmaceutical companies developing the vaccines to see best way possible developing countries will get the vaccine since its demand will be very huge after it has been released.