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World Bank says will boost financing for COVID-19 vaccines to $20 billion

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Andrea Shalal and David Lawder, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/06/30/health-coronavirus-spain-vaccination.jpg"/><figcaption>Healthcare workers prepare syringes to be filled with the Comirnaty Pfizer BioNTech COVID-19 vaccine against COVID-19 at a vaccination centre in Ronda, Spain June 30, 2021. <em>Jon Nazca, Reuters</em></figcaption></figure></div><p>WASHINGTON—The World Bank on Wednesday pledged to boost available funding for COVID-19 vaccine purchases and deployment to $20 billion from a previous target of $12 billion, citing a sharp increase in overall financing demand from developing countries.</p><p>World Bank president David Malpass said the global development bank had already provided more than $4 billion to 51 developing countries for the purchase and deployment of COVID-19 vaccines, and would add billions for 25 more countries soon.</p><p>&quot;Much more will follow in coming weeks,&quot; Malpass told reporters, noting that a total of 41 requests had been received from African countries, where less than half the population has been vaccinated.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/29/21/philippines-travelers-quarantine-fully-vaccinated-covid">Philippines allows shorter quarantine for travelers vaccinated vs COVID-19 abroad</a></li></ul><p>Malpass also redoubled his call for countries with surplus doses to release those doses and any options for more for use by developing countries with adequate plans for distribution.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/06/29/21/explainer-are-chinese-covid-19-shots-effective-against-the-delta-variant">EXPLAINER: Are Chinese COVID-19 shots effective against the Delta variant?</a></li></ul><p>The World Bank was also continuing to press for greater transparency by governments and pharmaceutical companies about vaccine contracts, options and agreements, he said.</p><p>&quot;We&#x27;re at war with the vaccine,&quot; Malpass said, adding that tight supplies and high demand made it crucial to have sufficient information to keep production flowing. &quot;COVID&#x27;s not going to go away quickly. It&#x27;s going to be a long-term war.&quot;</p><p>The decision to increase funding for vaccinations reflects growing concern about widely divergent vaccination rates between advanced economies and developing countries, World Bank officials said.</p><p>The World Bank has seen a sharp increase in overall financing demand from developing countries - not just health-related expenditure - during the pandemic, said the bank&#x27;s managing director for operations, Axel van Trotsenburg.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/30/21/covid-vaccine-breakthrough-infection-fda">FDA chief: Very few catch COVID-19 after full vaccination</a></li></ul><p>He told reporters that the World Bank&#x27;s International Bank for Reconstruction and Development and the International Development Association had made lending commitments of nearly $100 billion since the start of the crisis, well above the normal level of just under $60 billion. High demand for financing was expected to continue well into 2022, he said.</p><p>Van Trotsenburg noted that many middle-income countries in Latin America had been requesting financing from the bank, noting that requests totaling over $1 billion had been received in the past six weeks alone. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/21/21/no-favoritism-doh-denies-davao-got-lions-share-of-pfizer-vaccines">’No favoritism’: DOH denies Davao got lion&#x27;s share of Pfizer vaccines</a></li></ul><p>The World Bank&#x27;s vaccine financing package can be used by countries to buy vaccine doses through COVAX, the new African Vaccine Acquisition Task Team (AVATT) or other sources. (Reporting by Andrea Shalal; editing by Franklin Paul and Jonathan Oatis)</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/17/21/philippines-covid-mask-vaccine-christmas">Palace confident of mask-free Christmas this year</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1717506" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The World Bank was also continuing to press for greater transparency by governments and pharmaceutical companies about vaccine contracts, options and agreements.</p>

The World Bank was also continuing to press for greater transparency by governments and pharmaceutical companies about vaccine contracts, options and agreements.

World Bank says will boost financing for COVID-19 vaccines to $20 billion

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World Bank says will boost financing for COVID-19 vaccines to $20 billion

Andrea Shalal and David Lawder,

Reuters

Published Jul 01, 2021 05:21 AM PHT

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