Through the financing scheme, the WB expects poorer nations to also buy and distribute coronavirus tests and treatments while ultimately aiming to have up to 1 billion people inoculated.
The $12 billion “envelope" is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the Covid-19 pandemic, the bank said in a statement late Tuesday.
The World Bank’s Covid-19 emergency response programs have already reached 111 countries.
On the matter of coronavirus vaccine distribution, the bank said that citizens in developing countries also need access to safe and effective Covid-19 vaccines.
“We are extending and expanding our fast-track approach to address the Covid emergency so that developing countries have fair and equal access to vaccines,” said WB's President, David Malpass.
“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said in the statement.
The International Finance Corporation, the private sector lending arm of the World Bank, is investing in vaccine manufacturers through a $4 billion Global Health Platform, the World Bank said.