World Bank says will boost financing for COVID-19 vaccines to $20 billion

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FILE PHOTO: World Bank President David Malpass attends the
FILE PHOTO: World Bank President David Malpass attends the “1+6” Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo/File Photo

June 30, 2021

WASHINGTON (Reuters) – The World Bank will boost its total financing for COVID-19 vaccine purchases and deployment to $20 billion from its previous target of $12 billion, World Bank President David Malpass said on Wednesday.

The global development bank has seen a sharp increase in overall financing demand from developing countries – not just health related expenditure – during the pandemic, the bank’s managing director for operations, Axel van Trotsenburg, said.

He told reporters the World Bank had made nearly $100 billion in lending commitments since the outbreak of the crisis in early 2020, well above the normal level of just under $60 billion. High demand for financing was expected to continue well into 2022, he said.

(This story corrects typo in managing director’s name in para 2)

(Reporting by Andrea Shalal and David Lawder; editing by Diane Craft)