The Board of the World Bank on Thursday approved the establishment of a fund to finance investments to strengthen pandemic prevention, preparedness and response (PPR) capacities, the institution said.
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The focus should be on low- and middle-income countries and the goal is to launch this fund in the fall, she said in a statement.
“The devastating human, economic and social costs of COVID-19 have underscored the urgent need for coordinated action to strengthen health systems and mobilize additional resources,” the bank said.
The World Bank adds that this fund was developed at the initiative of the United States, Italy and Indonesia during their G20 presidencies and with broad support from the G20.
“More than $1 billion in financial commitments have already been announced” for this fund, including contributions from the United States, the European Union, as well as Indonesia, Germany, the United Kingdom, Singapore, the Gates Foundation and the Wellcome Trust.
“The World Bank is the largest funder of prevention, preparedness and response (to the pandemic) with active operations in more than 100 developing countries to strengthen their health systems,” recalled the World Bank President, quoted in the press release.
The so-called FIF (for Financial Intermediary Fund) will provide additional “long-term funds to do the work of existing institutions and help low- and middle-income countries and regions prepare for the next pandemic,” he said.
WHO is a stakeholder in the project, in which it will contribute its technical expertise, said its President Tedros Adhanom Ghebreyesus, quoted in the World Bank press release.
The FIF is used in many areas including disease surveillance.
In a separate statement, US Treasury Secretary Janet Yellen called the fund “a major achievement that will help low- and middle-income countries better prepare for the next pandemic.”
“Even as we continue to work to end COVID-19, today’s decision by World Bank shareholders will help strengthen the ability to prevent, detect and respond to future pandemics and thereby health security around the world strengthen, including here in the United States. ” She said.
A World Bank spokeswoman also told AFP that if the COVID-19 pandemic is not over by the time the fund is implemented, it could support both the current and future pandemics.