The World Bank's initiative aimed at aiding developing nations in preparing more effectively for pandemics has secured $667 million from the United States and $54 million from Germany, thereby advancing towards its objective of garnering at least $2 billion in fresh funding. Established in 2022, this fund is anticipated to distribute a second batch of funding later in the year. It stands as one of multiple international efforts established to avert a recurrence of COVID-19.
"President Biden and I are convinced that a comprehensively funded Pandemic Fund will empower us to more effectively prevent, prepare for, and respond to pandemics," stated US Treasury Secretary Janet Yellen. "This is why I am urging all current donors to increase their initial contributions twofold and inviting new donors to contribute, so we can achieve our $2 billion target," Yellen added.
"To sustain the momentum, the pandemic fund requires a minimum of $2 billion in new funding over the next two years—a modest portion of the global expenditure in responding to COVID-19," said Priya Basu, the executive head of the Pandemic Fund. These contributions were announced during the recent gathering of finance ministers and central bankers from the Group of 20. Last year, the WHO and the World Bank projected a need for $10.5 billion annually for pandemic preparedness.
The fund has already amassed $2 billion in seed capital from 27 contributors in 2023. This initial funding has been allocated to projects enhancing pandemic response in 37 countries across six regions.
