The World Bank has announced a $12 billion allocation for an initiative to cover payments for coronavirus vaccines for low-income countries, The Guardian newspaper reported.
The media outlet cited World Bank President, David Malpass, as making the submission.
The programme is set to ensure countries of low- and middle-income would also get access to drugs against the virus, as the developed nations have already reserved a significant number of doses, Malpass said.
“Having this finance available will be a game changer because once a safe and effective vaccine is available it will allow people to resume their lives with confidence,” Malpass said.
He also called for rich states to join and invest in the scheme, which is yet to be approved by the World Bank’s shareholders.
The package would be engaged in COVID-19 emergency programmes launched in the spring, when the health crisis began.
The countries concerned would be able to either purchase vaccines themselves, jointly with other nations or use procurement mechanisms.
The World Bank has launched emergency COVID-19 support strategies in 111 countries and set to invest $160 billion in 15 months to battle the pandemic.