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New funding initiative for pandemic prevention is announced by the World Bank

New funding initiative for pandemic prevention is announced by the World Bank

To boost pandemic prevention, preparedness, and response (PPR) at the national, regional, and global levels, the World Bank has announced the creation of a new Financial Intermediary Fund (FIF). According to the World Bank, the fund, which was formally formed by the FIF Governing Board at its first meeting on September 8 and 9, “would offer a dedicated stream of additional, long-term finance to build PPR capabilities in low- and middle-income countries.” The World Bank Board of Directors approved the creation of the fund on June 30. 

In a press release on Friday, the World Bank announced that it will act as the FIF’s trustee and house the Secretariat with technical guidance from the World Health Organization (WHO). The World Bank also noted that the first calls for proposals for investments to be funded will open in November.

The financial institution continued, “Over US$1.4 billion in financial commitments have already been declared,” with pledges coming from the Bill & Melinda Gates Foundation, the Rockefeller Foundation, the Wellcome Trust, the European Commission, Australia, Canada, China, and 15 other nations. 

President of the World Bank Group David Malpass made the following statement in response: “COVID-19 has highlighted the pressing need for action to build stronger health systems. 

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“Investing now will save lives and resources for the years to come. We welcome the broad support from the international community for this new, multilateral financial intermediary fund at the World Bank to help low- and middle-income countries and regions become better prepared for global health crises and are pleased to have been able to proceed quickly in establishing the fund.”

A Governing Board will determine the overall work program and decide on funding for the new fund, according to the announcement.

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