ESWATINI CAN GET E376BN SHARE FROM WORLD BANK

MBABANE – Eswatini is among 21 countries in Africa that will get funding from the World Bank to support their health and economic recovery.

The financial institution has set aside a sum of E376 billion to assist with many aspects including facilitating the procurement of vaccines for African countries. 

This was revealed by World Bank Group President David Malpass at the Virtual Meeting on the Africa COVID-19 Vaccine Financing and Deployment Strategy last week. 

He stated that COVID-19 has had a heavy toll on the people of Africa in terms of lives lost and the severe economic impact that is hitting the most vulnerable the hardest and tens of millions of people are falling into extreme poverty.  

consequences

He said the ongoing loss of human capital would have crippling long-term consequences - through lost jobs and job training opportunities, school closures, missed vaccinations, the regression in health and nutrition, and elsewhere.

It’s vital to prioritise the rollout of COVID-19 vaccines as they estimated that every month of delay costs the African continent E207 billion (US$13.8 billion) in lost GDP which is in addition to the loss of lives and human capital.

“As President Ramaphosa emphasised, vaccinations are a huge undertaking for every country.  The World Bank can assist with many aspects including facilitating the procurement of vaccines.  Inoculating populations will require delivering the vaccines safely and effectively. Cold chain equipment, energy infrastructure, logistic, transport, community engagement and trained human resources are all key areas needed for effective deployment of vaccines,” he shared. 

Malpass said where there are gaps in readiness; they should work quickly to fill them.  He said since the outbreak of COVID-19 last March, the Bank has committed E376 billion (US$25 billion) to African countries to support their health and economic recovery, and we expect to commit an additional E225 billion (US$15 billion) by June.     

“Our Board has authorised up to US$12 billion (E179.9 billion)to support countries in their vaccination efforts.  We’ve begun taking individual vaccination programmes through the Board.  Last week’s funding for Lebanon will help vaccinate over 2 million people, with vaccines expected to arrive from the manufacturer in early February,” he submitted.

vaccine

Malpass continued to say, “We’re preparing emergency vaccine financing projects in 21 countries in Africa, including DRC, Ethiopia, Niger, Mozambique, Tunisia, Eswatini and Cabo Verde to name a few. The funds are available now, and for most African countries, the financing would be on grant or highly concessional terms. IFC is working to mobilise financing for vaccine production and therapeutics focused on developing countries.”

He said in implementing our vaccines programmes, they working directly with governments, including financing their purchases from vaccine manufacturers and via COVAX and for deployment efforts, they are working with partners such as the WHO and UNICEF.

“I urge you to focus and prioritise efforts toward these funding programmes, and not slow the momentum through complex contracts and intermediaries.  Our financing is available today and vaccine manufacturers are eager to work with countries on delivery dates and direct contracts,” he said. 

He said their Country Directors and Country Managers have been in contact with all of the countries.  He encouraged those countries that have not yet requested World Bank support to send a letter to their World Bank Country Director asking for support for vaccine procurement and deployment from the E179.9 billion (US$12 billion) facility and the bank looks forward to receiving these letters so that its teams can expeditiously support you.

“To conclude, we urge leaders of African countries to move quickly to secure vaccinations for their populations, and to avail themselves of the financing available from us and other partners to help with this. The World Bank Group stands ready to work swiftly with our clients and partners to respond to this pandemic,” he concluded. 

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