BusinessMirror

WB TO GREENLIGHT $4B IN VACCINE FINANCING FOR 50 COUNTRIES IN ’21

- By Cai U. Ordinario @caiordinar­io

THE World Bank Group disclosed that it will be approving $4 billion worth of support for vaccine financing in 50 countries this year.

In a pre-recorded event ahead of the World Bank Group-internatio­nal Monetary Fund Spring Meetings 2021, World Bank Group President David Malpass said he has already approved 10 vaccine financing operations.

Malpass said the bank is slated to approve 10 more country-specific financing efforts in April and another 30 in May and June this year.

“Commitment­s rose 65 percent in 2020 from 2019. On vaccines, working closely with Gavi, WHO [World Health Organizati­on], and Unicef [United Nations Children’s Fund], we’ve conducted over 100 capacity assessment­s, many even more before vaccines were available,” Malpass said.

Apart from vaccines, Malpass said the Washington-based multilater­al developmen­t bank (MDB) is also finalizing its new climate changeacti­onplantogr­eatlyboost its climate financing.

Efforts to further vaccine financing and invest in green growth are crucial in recovering from the pandemic. Malpass said the bank is working toward achieving GRID: green, resilient, and inclusive developmen­t.

“We want to achieve as much impact as possible with the increased financing. Our plan identifies key priorities for action, with a focus on both adaptation and mitigation. It also includes a strong focus on a just transition from coal, and we’re working toward aligning our financial f lows with the objectives of the Paris agreement,” Malpass said.

Internatio­nal Monetary Fund (IMF) Managing Director Kristalina Georgieva said green investment­s will help boost recovery efforts.

Over a period of 15 years, Georgieva said a green investment push in a modest amount can generate 0.7-percent boost to growth and create many green jobs.

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