The World Bank board on Thursday approved the creation of a fund to finance investments to strengthen the fight against pandemics.
The fund will support Prevention, Preparedness and Response (PPR), with a focus on low- and middle-income countries, the bank said in a statement.
“The devastating human, economic and social costs of Covid-19 have highlighted the urgent need for coordinated action to build stronger health systems and mobilize additional resources,” it said.
The World Bank added that the fund, which is set to open later this year, was developed under the leadership of the United States, Italy and Indonesia under their G20 presidencies and with broad G20 support.
It is used in a number of areas, including disease surveillance, with over $1 billion in pledges already announced.
“The World Bank is the largest financier of PPR with active activities in over 100 developing countries to strengthen their health systems,” World Bank President David Malpass said in the statement.
The so-called Financial Intermediary Fund (FIF) will provide funding to “complement the work of existing institutions in helping low- and middle-income countries and regions prepare for the next pandemic,” the World Bank said.
The World Health Organization is involved in the project and will provide technical expertise, said its President Tedros Adhanom Ghebreyesus.
US President Joe Biden said more than 1 million Americans and millions of people around the world had died from Covid-19 and stressed the importance of increasing investment in pandemic preparedness.
“When it comes to preparing for the next pandemic, the cost of inaction is greater than the cost of action,” Biden said in a statement late Thursday. “Investing in retirement now is the right and smart thing to do.”
In a separate statement earlier in the day, US Treasury Secretary Janet Yellen called the fund “a major achievement that will help low- and middle-income countries better prepare for the next pandemic.”
“As we continue to work to end Covid-19, today’s decision by World Bank shareholders will help strengthen the capacity to prevent, detect and respond to future pandemics,” she said.
A World Bank spokesman told AFP that if the Covid-19 pandemic is ongoing at the time the fund is implemented, it could be used to provide support against current and future pandemics.
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