Remarks by World Bank Group President David Malpass at the UNGA High Level
Side Event on Accelerating the End of the COVID-19 Pandemic


September 30, 2020


Secretary-General Guterres, Excellencies, and Distinguished Colleagues. I am very
pleased to be here today to address COVID vaccinations. The World Bank Group is
determined to take action to help people in developing countries gain access to safe
vaccines and distribution systems. Economies, families, and livelihoods cannot recover
fully until all people are able to work, socialize, travel, and live their lives with hope and
confidence. Broad, rapid, and affordable access to COVID vaccines will be at the core
of a resilient economic recovery that lifts everyone.

The COVID-19 pandemic has caused the steepest economic contraction in 90 years.
We estimate that the pandemic could push over 150 million people into extreme poverty
by 2021. The negative impact on human capital will be deep and may last decades.
During the pandemic, over a billion children have been out of school and 80 million
children are missing out on basic childhood vaccinations.

In March, we launched a fast-track approach to address the COVID emergency. Our
goal was to quickly provide resources for emergency health support. We now have
COVID response programs in 111 countries, with most projects well advanced and
average disbursements upward of 40%.

In consultation with our Board, we have been working on ways to provide financing for
COVID-19 vaccines through this same fast-track approach. I’m pleased to announce
that I have proposed to our Board to make available up to $12 billion of fast-track
financing to countries for the purchase and deployment of COVID-19
vaccines once the vaccines have been approved by several highly respected, stringent
regulatory agencies.

This additional financing will be to low- and middle-income developing countries that
don’t have adequate access, and helping them alter the course of the pandemic for their
people. Our vaccine financing is additional to the COVID fast-track health financing we
announced in March and is an important part of the World Bank Group’s intention to
make available $160 billion in grants and financial support over a 15-month period to
help developing countries respond to the health, social, and economic impacts of
COVID-19.

I’ve had good interactions with our Executive Directors on this approach and am
encouraged by their response and input. The approach draws on the World Bank’s
significant expertise in previous vaccination systems and compliance issues and will
signal to markets that developing countries will have multiple ways to purchase safe
vaccines and will have significant purchasing power. Importantly, the approach is readily
expandable; it makes available a strong framework for co-financing by others, which I
encourage. I applaud recent announcements on vaccine financing, including by
Canada, the UK, Germany, and multiple U.S. public and private sector organizations.
Our private sector arm, IFC, is investing in vaccine manufacturers willing to
prioritize developing countries; and also in production that addresses potential
bottlenecks, including vials, needles and syringes and cold storage capacity.

In addition to this financing of country programs and private sectors, we are
coordinating with others in the international community on their efforts. Together with
the Global Fund, we are co-convening the work on health system strengthening. We
support CEPI and GAVI on vaccine development and delivery, and we have worked
with the ACT-Accelerator since its inception.

As I said earlier, countries and economies cannot recover fully until all their people feel
they can work, socialize, travel and live their lives with confidence. The World Bank
Group is playing a full part, and we look forward to working alongside you as we take
rapid action to alter the course of the pandemic.

Thank you.