World Bank expanding vaccine financing, sees trade at core of recovery

FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua

The World Bank Group will have vaccine programs in 30 countries by the end of April, backed by some $2 billion in financing, bank president David Malpass said on Tuesday, adding that expanded trade is critically important for the recovery of developing countries.

Malpass, speaking to a World Trade Organization online event, said that the bank’s private sector arm, the International Finance Corp, has stepped in to fill a trade void as the correspondent banking sector has pulled back, providing some $10 billion in trade finance and working capital since the crisis started.

“We think trade and commerce are going to be at the core of the recovery process,” Malpass said. “It’s now time, I think, to lower tariffs and regulatory restrictions and we work with countries directly to try to support those efforts.”

 

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