The World Bank Group has launched Pandemic Emergency Financing Facility and launched a $500 million fund to fight Pandemics in poor countries and creating the world’s first insurance market for pandemic risk. It will accelerate both global and national responses to future outbreaks with pandemic potential.
It was built and designed in collaboration with the World Health Organization (WHO) and the private sector, introducing a new level of rigor into both the financing and the response. The PEF is an innovative and fast-disbursing global financing mechanism. The major epidemics covered under the facility include new influenza pandemic virus A, B and C, SARS, MERS, Ebola, Marburg, Crimean Congo, Rift Valley, Lassa fever, etc.
Under this facility, all the 77 countries are eligible to receive coverage for financing from the International Development Association, the World Bank Group’s for the poorest countries. It is expected to be operational in 2016 and Japan became the first country to commit 50 million US dollars in funding toward the new initiative.
So let’s discuss some questions related to this post :
1. Name the organization which has launched a $500 mn insurance fund to fight pandemics ?
2. Which country has became the first country to provide $50 mn funding to fight pandemics ?
Courtesy : The reuters