A new fund for pandemic prevention, preparedness, and response was formally launched on Friday, with $1.4 billion in pledges from an array of countries and foundations.
The financial intermediary fund, or FIF, is housed at the World Bank and targets low- and middle-income countries facing “critical gaps” in their health systems. Campaigners say $10.5 billion is required to fill those needs.
Priya Basu, at the World Bank, will head the fund’s secretariat, officials said, and 21 people are on the overall board.
How a new pandemic preparedness fund at the World Bank could work
A new financial intermediary fund hosted by the World Bank seeks to close an estimated $10.5 billion gap in annual financing for global pandemic preparedness and response in lower-income countries. The bank's board is expected to approve it.
Why it matters: The fund is a dedicated pool of money to spur investments in pandemic preparedness and public health. Key donors like the United States, the European Union, and Japan made pledges, and the World Health Organization will provide technical support.
Reactions: The move was welcomed by key leaders.
“The suffering and loss we have all endured will be in vain unless we learn the painful lessons from COVID-19 and put in place the measures to fill critical gaps in the world’s defences against epidemics and pandemics,” said WHO Director-General Tedros Adhanom Ghebreyesus.
“Investing now will save lives and resources for the years to come,” said David Malpass, the head of the World Bank, which is the fund’s trustee.
“We are very pleased,” said Carolyn Reynolds, co-founder of the Pandemic Action Network, which tracks pledges. “Now the hard work begins to ensure that the fund lives up to its promise and secures the additional investments necessary … We have a long way to go.”
Next steps: The board will set up an advisory panel of experts to assess funding proposals, as campaigners push for more contributions. Notably, after heavy lobbying, civil society groups got two representatives on the board, which is otherwise comprised of donors and implementing governments, along with one seat for foundations.