The World Bank approves package worth $12 billion for procurement and distribution of Covid-19 Vaccines to developing countries. The financing “aims to support vaccination of up to a billion people,” the bank said in a statement.

The money is part of an overall World Bank Group (WBG) package of up to $160 billion designed to help developing countries battle the novel coronavirus pandemic. The financing  would help the developing countries in research as well as its pharmaceutical industry that would grant access to its citizens with safe and effective Covid-19 vaccines. It would also support countries to access to Covid-19 tests and treatments, and expand immunization capacity to help health systems deploy the vaccines effectively.

The World Bank said the financing program will include technical support to recipient countries so they can prepare for deploying vaccines at larger scale, and will signal the drug companies that there will be strong demand and ample financing for Covid-19 vaccines in developing countries.