World Bank Board authorizes new funds to be prepared for next pandemic

By Vinisha Joshi  | Date: 2022-07-02

World Bank Board authorizes new funds to be prepared for next pandemic

The economic and social impacts of the COVID-19 pandemic have made the world realize the urgent need for collaborative action to build a stronger and solid healthcare system and assemble additional resources for pandemic prevention, preparedness, and response (PPR).

The Board of Executive Directors at the World Bank have recently approved the establishment of a FIF (financial intermediary fund) that will support critical investments for strengthening pandemic PPR capabilities at regional, national and global levels with focusing on low- and middle-income countries.

Additionally, this fund is expected to provide committed resources for PPR, motivate countries to increase investments, boost coordination between the partners and serve as a platform for advocacy.

The World Bank’s technical and financial support will be accompanied by the FIF, engaging the other major organizations, and utilizing robust technical experience of the WHO.

Established with leadership from the United States, Indonesia, and Italy, being a part of the G20 Presidencies, along with major support from the G20 and beyond, around $1 billion has been announced for the FIF towards financial commitments.

This includes contributions from the European Union, Indonesia, the United States, the United Kingdom, Singapore, Germany and the Wellcome Trust and the Gates Foundation.

World Bank Group President David Malpass, while commenting on the moves, said that the firm is extremely excited about securing the shareholders' wider support for a new FIF (Financial Intermediary Fund) at the World Bank.

He further said that the World Bank is one of the leading providers of financing for PPR, with several active operations across 100 developing countries to reinforce their health systems.

The FIF will offer long-term, additional funding for complementing the work of the current institutions in supporting low- and middle-income countries and provinces to be prepared for the next pandemic.

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Vinisha Joshi

Vinisha Joshi

As a qualified Engineering graduate, Vinisha Joshi takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like for Thisisourtownrichmond in addition to other platforms. Creativity comes naturally...

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