World Bank announces fund for pandemic prevention, preparedness, response
The World Bank announced the establishment of a financial intermediary fund that will finance investments to strengthen capacities for pandemic prevention, preparedness, and response at national, regional, and global levels, with a focus on low- and middle-income countries.
One-health activities will be eligible for financing from the new fund. “A multi-sectoral One Health approach is central to the prevention of public health risks,” according to a fact sheet accompanying the June 30 announcement.
According to the World Bank, “Financial intermediary funds (FIFs) are financial arrangements that typically leverage a variety of public and private resources in support of international initiatives, enabling the international community to provide a direct and coordinated response to global priorities.” The new FIF will provide additional, dedicated resources for pandemic prevention, preparedness, and response; incentivize countries to increase investments; enhance coordination among partners; and serve as a platform for advocacy.
The United States led development of the fund with Italy and Indonesia—as part of those two countries being the immediate past president and current president, respectively, of the Group of 20 major economies—and with broad support from the G-20 and beyond. Over $1 billion in financial commitments has already been announced for the FIF, including contributions from the U.S., the European Union, Indonesia, Germany, the United Kingdom, Singapore, the Gates Foundation, and the Wellcome Trust.
“I’m pleased by the broad support from our shareholders for a new Financial Intermediary Fund at the World Bank,” said David Malpass, World Bank Group president, in the June 30 announcement. He said the World Bank is the largest provider of financing for pandemic prevention, preparedness, and response, with active operations in more than 100 developing countries to strengthen their health systems. “The FIF will provide additional, long-term funding to complement the work of existing institutions in supporting low- and middle-income countries and regions to prepare for the next pandemic.”
Dr. Tedros Adhanom Ghebreyesus, director-general for the World Health Organization, said in the announcement: “Access to financing for pandemic prevention and preparedness is crucial. COVID-19 has exposed major gaps in preparedness capacities, which the Financial Intermediary Fund can address in a coherent manner, as part of the global architecture for health emergency preparedness and response. WHO will play a central role in the FIF, providing technical leadership for its work in close collaboration with the World Bank to realize this ambitious vision.”
The goal of the fund is to provide financing to address critical gaps in pandemic prevention, preparedness, and response to strengthen country capacity in areas such as disease surveillance, laboratory systems, health workforce, emergency communication and management, and community engagement. The FIF also can help address gaps in strengthening regional and global capacity, for example, by supporting data sharing, regulatory harmonization, and capacity for coordinated development, procurement, distribution, and deployment of countermeasures and essential medical supplies.
The World Bank and WHO are working with donors and other partners to develop the detailed scope and design of the fund. The intent is to launch the FIF in fall 2022.