World Bank sets up fund to tackle pandemics in developing nations
By Mwangi Mumero, September 8, 2022
Developing countries can now tap into a Sh120 billion Financial Intermediary Fund (FIF) to boost the fight against future pandemics.
Set up by the World Bank, the fund will help nations strengthen their health systems in readiness for future pandemics.
The move comes in the wake of the Covid-19 pandemic which devastated global economies and ruined incomes.
The fund will mainly focus on financing critical investments in pandemic preparedness in low and middle income countries.
“The FIF will provide additional, long-term funding to complement the work of existing institutions in supporting low and middle-income countries and regions to prepare for the next panademic,” said David Malpass, World Bank Group President.
With technical advice from the World Health Organisation (WHO), the fund will complement the financing and support provided by the World Bank.
World Bank says the human, economic, and social cost of Covid-19 has highlighted the urgent need for coordinated action to build stronger health systems and mobilise additional resources for pandemic prevention, preparedness and response.
Contributions to the fund have come from the US, the European Union, Indonesia, Germany, the UK, Singapore, the Gates Foundation and the Welcome Trust.
Officials believe the lessons learned during the Covid-19 pandemic will provide critical knowledge in combating future pandemics.