• Friday, July 19, 2024
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Fresh option for Nigeria as World Bank commits $12bn to vaccination

World Bank sanction puts Nigeria’s reputation at risk – analysts

Nigeria has a fresh financing option to acquire more COVID-19 vaccine as the World Bank Group pledged $15 billion additional funds to support Africa’s recovery from health and economic loss from the COVID-19 crisis, by June.

For vaccination, in particular, the Group’s board has authorized $12 billion.

Already, it has donated $25 billion to ease the hardship. But this time, it is focusing on vaccination as the route to get the continent back on track.

It means Nigeria can request the World Bank support for vaccine procurement and deployment from the $12 billion facility.

The African continent is estimated to be set for $13.8 billion monthly loss in gross domestic product (GDP) if vaccination continues to suffer delay. That is apart from the loss of lives and human capital.

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David Malpass, World Bank Group president projects that the ongoing loss of human capital will have crippling long-term consequences, through lost jobs, training opportunities, school closures, missed vaccinations, the regression in health and nutrition among others.

The Bank hopes that assistance with vaccine procurement, inoculating populations, cold chain equipment, energy infrastructure, logistic, transport, community engagement, and trained human resources will speed up effective deployment of vaccines.

“We’re preparing emergency vaccine financing projects in 21 countries in Africa, including DRC, Ethiopia, Niger, Mozambique, Tunisia, Eswatini, and Cabo Verde to name a few,” he said.

“The funds are available now, and for most African countries, the financing would be on grant or highly concessional terms. IFC is working to mobilize financing for vaccine production and therapeutics focused on developing countries.”

In implementing, the Bank says it will be working directly with governments, including to finance their purchases from vaccine manufacturers and via COVAX.

However, it has cautioned against slowing the momentum through complex contracts and intermediaries.