Geneva, 2 July 2022 (TDI): WHO and World Bank will collaborate on the establishment of a financial intermediary fund. The fund will be set up for pandemic prevention and quick response in developing countries.
.@WHO welcomes the @WorldBank Board’s decision to establish a financial intermediary fund to strengthen pandemic prevention, preparedness and response in low- and middle-income countries. WHO will play a central role and provide technical leadership. https://t.co/K7sW5Y1urU
— Tedros Adhanom Ghebreyesus (@DrTedros) July 1, 2022
COVID-19 has made the world realize the importance of pandemic preparedness. Thus, there should be a coordinated response against the spread of pandemics.
Therefore, World Bank will initiate the financial intermediary fund. WHO will also provide technical assistance to the program.
Financial Intermediary Fund (FIF)
The Executive Directors of World Bank have approved the establishment of the financial intermediary fund. The fund will finance programs for pandemic prevention, preparedness, and response (PPR). Additionally, the FIF will cater to national, regional, and international investments.
Furthermore, other agencies of the United Nations, multilateral developmental banks, and other organizations have been invited to be a part of the FIF-financed projects.
Moreover, certain countries and organizations have planned to contribute such as the United States, Indonesia, the United Kingdom, Singapore, the European Union, and the Gates Foundation.
The structure of FIF will reflect inclusivity, accountability, and transparency. The fund will also serve as a platform to encourage countries to invest in PPR programs. Additional resources to incentivize states to work for pandemic prevention will fall into the ambit of the fund.
“WHO will play a central role in the FIF, providing technical leadership for its work in close collaboration with World Bank to realize this ambitious vision,” WHO Director-General Dr. Tedros Adhanom Ghebreyesus said.
World Bank will provide financial expertise regarding the funding, and WHO will provide technical expertise regarding the investment. Henceforth, the Bank and WHO will collaborate together to develop a comprehensive action plan for the FIF. The expected launch of the FIF is in the fall of 2022.