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Pandemic preparedness fund
Context
To counter financial obstacles, weak infrastructure, scarcity of healthcare, etc, the World Bank Board of Directors has approved setting up a Financial Intermediary Fund (FIF) for Pandemic Prevention, Preparedness, and Response (PPR).
What is a Financial Intermediary Fund (FIF)?
- Financial Intermediary Funds (FIFs) provide the global development community with independently governed multi-contributor collaboration platforms.
- Typically focused on specific themes, FIFs are designed to mobilize significant financial support and engender collective action for development priorities, often contributing to global public goods.
- At the heart of each FIF is a type of trust fund for which the World Bank serves as trustee.
Why is there a need for a FIF on pandemic prevention, preparedness and response (PPR)?
- The new FIF on PPR will help focus and sustain much-needed high-level attention on strengthening health systems.
- The fund will provide long-term financing to low or middle-income countries to bridge the gaps that they face during a pandemic.
- It will help such countries at regional, national, and global levels.
- As per the WHO, FIF will help in building PPR capacity in zoonotic disease surveillance, emergency communication, management, laboratories, community engagement, critical health workforce, etc.
Who developed the plan?
- The FIF for pandemic PPR is put forward by G20 in the presidency of Italy.
- During a G20 Summit in 2021, under Italy's presidency, it was decided to establish G20 Joint Finance-Health Task Force for pandemic preparedness.
- The FIF is also established by the strong support of the G20 nations and beyond.
- At present, calls for the proposal for investments funded by the FIF will open in November 2022.
- Officially launched in September 2022, the FIF have commitments from India, the USA, the UK, Australia, Canada, China, the European Commission, Republic of Korea, France, Germany, Indonesia, Italy, Japan, New Zealand, Norway, Singapore, South Africa, Spain, the United Arab Emirates, the Bill & Melinda Gates Foundation, the Rockefeller Foundation, and Wellcome Trust.
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