The World Bank approves an additional fund to invest in epidemic prevention – 06/30/2022

The World Bank has approved the establishment of a Financial Intermediate Fund (FIF) for investments to strengthen epidemic prevention, preparedness, and response. The resolution, announced Thursday, 30th, will act on the basis of forces at the global, national and regional levels, with a focus on low- and middle-income countries. Commitments of over $1 billion have already been announced for the first international fund.

The statement said that the fund will complement the financing and technical support provided by the World Bank, benefit from the technical expertise of the World Health Organization and participate in other institutions considered important.

The United States, as well as Italy and Indonesia, co-developed the program as part of their G20 presidency. The memo said the group’s member states also provided “broad support”. The $1 billion sum contains contributions from the United States, the European Union, Indonesia, Germany, the United Kingdom, Singapore, the Gates Foundation and the London-based Wellcome Trust.

Foundation President David Malpass said the World Bank is the largest financier to deal with the pandemic with active operations in more than 100 developing countries to strengthen their health systems. He said that the first international fund should provide additional long-term financial support to complement the work of existing institutions. WHO Director-General Tedros Adhanom Ghebreyesus said the organization he leads will play a central role in technical matters at FIFA.

US Treasury Secretary Janet Yellen hailed the creation of the fund as a “huge achievement”. He said in a statement that the decision should enhance health security around the world, including in the United States.