In a bid to reduce global coronavirus spread, the World Bank has approved an additional $12 billion for purchase and distribution of coronavirus vaccines, case testing as well as treatments in Nigeria and other developing countries in the country.
The $12 billion was part of a wider $160 billion earmarked by the global bank to end the spread of coronavirus in Nigeria and other developing countries across the world.
It said that the fund would be implemented in support of efforts being led by the World Health Organization (WHO) and a global Covid-19 vaccine initiative, COVAX, to offer recipient countries a number of options.
The World Bank, through a statement yesterday, said that its new funding would assist researchers and pharmaceutical industry in developing countries to ensure safe and effective COVID-19 vaccines.
As gathered, World Bank COVID-19 emergency response programmes were already reaching 111 countries, with the new tranche of financing adding to its robustness.
The bank’s President, David Malpass, said: “We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines.
“Access to safe and effective vaccines and strengthened delivery systems are key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” Malpass added.
The funding is meant to also help countries access tests and treatments and to support the management of supply chains and other logistics for vaccinations.
Development and deployment of vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than one million people and infected more than 38 million, while devastating economies and leaving millions jobless.