World Bank, COVAX unveil plan to speed vaccine supplies to developing countries

WASHINGTON: The World Bank and the COVAX global vaccine distribution program unveiled on Monday a financing mechanism to speed the supply of doses to developing countries, where COVID-19 inoculation rates lag far behind those of richer nations.

The mechanism allows COVAX to make advance purchases - at more competitive prices - from vaccine manufacturers based on aggregated demand across countries, using financing from the World Bank and other multilateral development banks. "Accessing vaccines remains the single greatest challenge that developing countries face in protecting their people from the health, social, and economic impacts of the COVID-19 pandemic," World Bank President David Malpass said.