The board of the World Bank on Thursday approved the creation of a fund intending to finance investments in building the fight against pandemics.
The fund will support prevention, preparedness, and response (PPR), with the focal point being on low- and middle-income countries, the bank said in a statement.
“The devastating human, economic, and social cost of Covid-19 has highlighted the urgent need for coordinated action to build stronger health systems and mobilize additional resources,” it said.
The World Bank also said that the fund, which they plan to start later this year, was developed under the guidance of the United States, Italy, and Indonesia as part of their G20 presidencies, and with far-fledged support from the G20.
World Bank President David Malpass said in the statement.”The World Bank is the largest provider of financing for PPR with active operations in over 100 developing countries to strengthen their health systems,”
The W.H. O is a stakeholder in the project and will render technical skills, its president Tedros Adhanom Ghebreyesus said.
A World Bank spokesperson told AFP that if the Covid-19 pandemic is persisting when the fund is implemented, it could provide support against the existing as well as future pandemics.