$4bn financing platform

30 Jul 2020

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WASHINGTON: The World Bank Group’s private-sector arm said on Wednesday it is launching a $4 billion financing platform aimed at boosting the production and supply of critical health care products in developing countries to help fight the coronavirus pandemic.

The International Finance Corp’s initiative is largely aimed at private-sector projects to manufacture products such as personal protective equipment, ventilators and other medical equipment, coronavirus test kits, therapeutic drugs and vaccines.

IFC is contributing $2bn in internal resources with plans for another $2bn to come from private-sector partners.

The group also intends to work with other international finance institutions to leverage additional funds, IFC Chief Operating Officer Stephanie von Friedenburg told Reuters in an interview.

Published in Dawn, July 30th, 2020