04 July 2022 Monday
New Fund for Pandemic by World Bank
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 for pandemic prevention, preparedness, and response (PPR).
The World Bank’s Board of Executive Directors today approved the establishment of a financial intermediary fund (FIF) that will finance critical investments to strengthen pandemic PPR capacities at national, regional, and global levels, with a focus on low- and middle-income countries. The fund will bring additional, dedicated resources for PPR, incentivize countries to increase investments, enhance coordination among partners, and serve as a platform for advocacy. The FIF will complement the financing and technical support provided by the World Bank, leverage the strong technical expertise of WHO, and engage other key organizations.
Developed with leadership from the United States, and from Italy and Indonesia as part of their G20 Presidencies, and with broad support from the G20 and beyond, over US$1 billion in financial commitments have already been announced for the FIF, including contributions from the United States, the European Union, Indonesia, Germany, the United Kingdom, Singapore, the Gates Foundation and the Wellcome Trust and the goal is to launch the FIF in fall 2022. The FIF will provide additional, long-term funding to complement the work of existing institutions in supporting low- and middle-income countries and regions to prepare for the next pandemic.
Resource: World Bank
