News

World Bank pushing for standard vaccine contracts, more disclosure from makers

Reuters WASHINGTON | Updated on February 20, 2021

File Photo of World Bank President David Malpass.   -  Bloomberg

The World Bank is working to standardise Covid-19 vaccine contracts that countries are signing with drug makers, and is pushing manufacturers to be more open about where doses are headed, as it races to get more vaccines to poor countries, the bank's president said on Friday.

World Bank President David Malpass told Reuters he expected the bank's board to have approved $1.6 billion in vaccine funding for 12 countries, including the Philippines, Bangladesh,Tunisia and Ethiopia, by the end of March, with 30 more to follow shortly thereafter.

The bank is working with local governments to identify and fill gaps in distribution capacity, after they purchase vaccines under a $12 billion World Bank programme, and also to standardise the contracts they are signing with manufacturers, he said.

Investing in capacity building

The bank's International Finance Corp, its private financing arm, has $4 billion to invest in expanding existing production plants or building new ones, including in developed countries,but needs more data on where current production is headed, he said.

“We are eager to be investing in new capacity, but it's hard to do because you don't know how much of the existing capacity is already committed to the various off-takers,” Malpass said in an interview with Reuters. New or expanded plants could be used to produce other types of vaccinations in the future, he said.

The bank's funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he said.

Rich-poor divide

Malpass welcomed Friday's pledge by the Group of Seven rich countries to intensify cooperation on the pandemic, saying it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.

Data compiled by Our World In Data, a scientific online publication, showed Israel was leading the world in Covid-19 vaccinations, with nearly 82 of 100 people vaccinated, while India and Bangladesh reported less than one person per 100. Many African countries have not started at all.

Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTechSE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on February 20, 2021
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.