Browsing: International Development Association

The bank said the fund is meant to provide upfront financing for safe and effective COVID-19 vaccine acquisition.

The World Bank announced this in a statement issued on Friday in Washington D.C., adding that its board of executive directors had approved the additional financing.

According to a statement from the bank on Friday, the amount includes $100 million credit from the International Development Association and $14.28 million grant from the Pandemic Emergency Financing Facility.

The World Bank Group President, Jim Yong Kim, said the launch of IDA’s borrowing programme in the global capital markets, would address some of its most pressing development issues.