8.70 billion assistance from the World Bank to provide covid vaccine to all

KATHMANDU: The World Bank has decided to provide US Dollar 75 million, or NRs 8.70 billion, in financial assistance to Nepal to make the vaccine against COVID-19 accessible to all Nepalis. The decision was taken by the Executive Board of the World Bank in the hope that the financial assistance would help in the equitable distribution of safe and effective vaccines by strengthening Nepal’s health and vaccination system.

It has been decided to provide the assistance through the International Development Association (IDA). The World Bank estimates that the assistance will expand vaccine access to at least 33 percent of Nepal’s population.

“This epidemic poses a huge challenge and a precarious environment for us, especially in the procurement, supply and distribution of vaccines,” said Faris Hadad Zervos, World Bank’s national director for Nepal, Maldives and Sri Lanka. This prompt move to help is a testament to the strong partnership between Nepal and the World Bank. ”

The additional financial assistance comes in the context of the Rs 3.30 billion COVID-19 emergency response and health system preparation core project approved by the World Bank in Chaith last year and the government’s assurance of other development partners in the overall COVID-19 response.

The World Bank said in a statement that 90 percent of the assistance would be used to purchase vaccines against COVID-19 and to expand vaccines to other groups, except for 20 percent of the priority population, through the Covax facility.

The remaining amount is expected to support the Covid-19 vaccination initiative and the purchase of Covid-19 related diagnostic tests, laboratory equipment and medical supplies. The World Bank also said it would support community engagement and risk communication and improve existing digital technology-based epidemiological data monitoring and surveillance systems.

“This assistance will be critical to protecting the physical health of the Nepalese people and the economic health of the Nepalese nation,” said Gail Richardson, Exercise Manager for South Asia under the World Bank’s Global Exercise on Health, Nutrition and Population. “The rapid and equitable expansion of access to COVID-19 approved vaccines to the most vulnerable communities ensures population-based immunity, which is a key condition for recovering from the devastating effects of COVID-19.”

This additional funding for Nepal is one of three projects approved in the first phase for COVID-19 vaccine assistance in South Asian nations.