David Malpass - The African Mirror

Jul

2021

World Bank, COVAX unveil plan to speed vaccine supplies to developing countries

ANDREA SHALAL THE World Bank and the COVAX global vaccine distribution program have unveiled a financing mechanism to speed the supply of doses to developing countries, where COVID-19 inoculation rates lag far behind those of richer nations. The mechanism allows COVAX to make advance purchases - at more competitive prices - from vaccine manufacturers based on aggregate demand across countries, using financing from the World Bank and other multilateral development banks. "Accessing vaccines remains the single greatest challenge that developing countries face in protecting their people from the health, social, and economic impacts of the COVID-19 pandemic," World Bank President…

Jul

2021

By The African Mirror

World Bank pledges $20 billion for vaccines

COVID-19

ANDREA SHALAL and DAVID LAWDER THE World Bank has pledged to boost available funding for COVID-19 vaccine purchases and deployment to $20 billion from a previous target of $12 billion, citing a sharp increase in overall financing demand from developing countries. World Bank President David Malpass said the global development bank had already provided more than $4 billion to 51 developing countries for the purchase and deployment of COVID-19 vaccines, and would add billions for 25 more countries soon. "Much more will follow in coming weeks," Malpass told reporters, noting that a total of 41 requests had been received from…

Jun

2021

By The African Mirror

World Bank opposes vaccine intellectual property waiver as WTO talks resume

BUSINESS

DAVID LAWDER WORLD Bank President David Malpass has revealed that the bank does not support waiving intellectual property rights for COVID-19 vaccines at the World Trade Organization out of concern that it would hamper innovation in the pharmaceuticals sector. His comments on the subject, made during a call with reporters on World Bank economic forecasts, came as WTO negotiations over the proposed waiver resumed in Geneva. Asked whether he backs a WTO vaccine IP waiver, which India, South Africa and other emerging market countries argue is needed to expand vaccine access, Malpass said: "We don't support that, for the reason…

Jun

2021

By The African Mirror

World Bank chief says $12 bln in vaccine funds available, need to speed supplies

BUSINESS

THE World Bank now has $12 billion in COVID-19 vaccine financing available and will have approved vaccination financing operations in over 50 countries by the end of June, the development lender's president, David Malpass, said on Tuesday. Malpass told a joint news conference with the World Health Organization, the International Monetary Fund and the World Trade Organization that it was "vital that we speed up the supply chain for vaccine distribution," including shortening the manufacturing time, approvals and allocations of doses that have already been produced.

Apr

2021

By The African Mirror

Countries urged to release excess vaccine

COVID-19

WORLD Bank President David Malpass and José Manuel Barroso, chair of the Gavi vaccine alliance have discussed the importance of countries with excess COVID-19 vaccine supplies releasing them as soon as possible, the World Bank said. Malpass expressed his desire to work closely with Gavi on a 2022 strategy, including helping expand vaccine production capacity for developing countries, the bank said in a statement. The two officials also discussed the need for more transparency by countries, suppliers and development partners on vaccine contracts, and regarding national export and supply commitments and requirements, the bank said. FILE PHOTO: José Manuel Barroso,…

Feb

2021

By The African Mirror

World Bank head says optimistic that Sudan reform will lead to growth

BUSINESS

WORLD Bank President David Malpass yesterday said he was optimistic that Sudan's exchange-rate stabilization and reforms would lead to broad-based growth and poverty reduction. In remarks to Group of 20 finance officials, Malpass said he expected a rapid clearance of Sudan's arrears to the World Bank, and hoped for speedy progress toward a decision point on debt forgiveness under the Heavily Indebted Poor Countries initiative. Malpass added that both Ethiopia and Nigeria would benefit from ending their own costly dual exchange rate systems.

Feb

2021

By The African Mirror

World Bank, IMF to consider climate change in debt-reduction talks

BUSINESS

ANDREA SHALAL The World Bank is working with the International Monetary Fund (IMF) on ways to factor climate change into the negotiations about reducing the debt burdens of some poor countries, World Bank President David Malpass told Reuters in a Friday interview. Three countries - Ethiopia, Chad and Zambia - have already initiated negotiations with creditors under a new Common Framework supported by the Group of 20 major economies, a process that may lead to debt reductions in some cases. Malpass said he expected additional countries to request restructuring of their debts, but declined to give any details. The coronavirus…

Jan

2021

By The African Mirror

World Bank to invest $5 billion in 11 African countries

BUSINESS

THE World Bank is to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods in 11 African countries as they recover from the COVID-19 pandemic. World Bank Group President David Malpass said the investment would help improve livelihoods as those countries recovered from the outbreak and dealt with the impact of biodiversity loss and climate change through 2025. Malpass announced the aid at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss. The money…