04:18wib
World Bank, COVAX Cooperate to Expedite Vaccine Supply for Developing Countries

Tuesday, 27-July-2021 11:00

World Bank President David Malpass
Image : ANTARA/REUTERS/pri.
World Bank President David Malpass
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WASHINGTON DC, NETRALNEWS.COM - The World Bank and global vaccine distribution program COVAX has launched a financing mechanism to accelerate the supply of vaccine doses to developing countries, where COVID-19 inoculation rates are far behind richer countries.

The mechanism allows COVAX to make advance purchases, at more competitive prices, from vaccine manufacturers based on aggregate demand across countries, using financing from the World Bank and other multilateral development banks, as reported by Reuters.

"Accessing vaccines remains the single greatest challenge developing countries face in protecting their people from the health, social, and economic impacts of the COVID-19 pandemic," said World Bank President David Malpass, as reported by Reuters on Monday (07/26/2021).

"This mechanism will enable new supplies and allow countries to expedite vaccine purchases. It will also provide transparency on vaccine availability, pricing, and delivery schedules," Malpass said in a statement.

The World Bank's agreement with COVAX, supported by the World Health Organization and the Global Alliance for Vaccines and Immunization (GAVI), will help low- and middle-income countries access additional vaccine doses, in addition to the full subsidized doses they already receive.

The new mechanism emerges amid growing concerns about the slow pace of vaccination in low-income countries.

Only 1.1 percent of people in those countries have received at least one dose, as compared to 26.9 percent of the world's total population, according to figures from Our World in Data.

Global health experts warn that the pandemic will continue to spread and give rise to new variants until more people around the world are vaccinated.

Meanwhile, the new arrangement requires countries that already have World Bank-approved vaccine procurement projects to request vaccine purchases through COVAX, and requires the World Bank to pay fees on their behalf using existing project financing.

The World Bank confirmation will reduce risk and uncertainty in demand and financing, allowing COVAX to buy larger doses from producers at better prices.

COVAX recently paved the way for 92 low- and middle-income countries to purchase their own doses of the COVID-19 vaccine, in addition to receiving deliveries paid for by other donors.

COVAX plans to provide up to 430 million additional vaccine doses under the Advance Market Commitment (AMC) program through the end of 2021 and mid-2022.

Countries will have the opportunity to vote and commit to the procurement of specific vaccines that align with their preferences under the AMC program, as reported by Antara.

Reporter : turkhan
Editor : turkhan