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The World Bank says it will increase COVID-19 vaccine funding to $ 20 billion

WASHINGTON: The World Bank on Wednesday (June 30) pledged to increase funds available to purchase and deliver COVID-19 vaccines from a previous target of $ 12 billion to $ 20 billion, citing a sharp increase in overall demand. of financing from developing countries. .

World Bank President David Malpass said the global development bank has already allocated more than $ 4 billion to 51 developing countries to purchase and use COVID-19 vaccines and will soon add billions for another 25 countries.

Many more will follow in the coming weeks, ”Malpass told reporters, noting that a total of 41 inquiries had been received from African countries where less than half the population had been vaccinated.

In a joint statement, the World Bank, the International Monetary Fund, and the World Health Organization called on G20 countries to reach vaccination targets of at least 40 percent by the end of 2021 and 60 percent by the end of 2021. first half of 2022.

They also called on the major G20 economies, whose finance chiefs will meet in Italy next week, to set a goal of sharing at least 1 billion doses of vaccines with developing countries this year, increasing funding and removing barriers. trade in the vaccine supply chain.

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