The World Bank is likely to approve $1.6 billion in vaccine funding for 12 countries, including Bangladesh, the Philippines, Tunisia and Ethiopia, by the end of March.
World Bank President David Malpass gave the information in an interview on Friday, reports Reuters.
He also informed that 30 more countries will also be given the funding shortly.
David Malpass said the global lender has started working to standardise COVID-19 vaccine contracts that countries are signing with drug makers.
He said the World Bank also urged manufacturers to be more open about where doses are headed, as it races to get more vaccines to poor countries.
"The bank is working with local governments to identify and fill gaps in distribution capacity, after they purchase vaccines under a $12 billion World Bank program, and also to standardize the contracts they are signing with manufacturers," he said.
The bank’s International Finance Corp, its private financing arm, has $4 billion to invest in expanding existing production plants or building new ones, including in developed countries, but needs more data on where current production is headed, he said.
“We are eager to be investing in new capacity, but it’s hard to do because you don’t know how much of the existing capacity is already committed to the various off-takers,” Malpass said.
"New or expanded plants could be used to produce other types of vaccinations in the future," he said.
The bank’s funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he said.
Malpass welcomed Friday’s pledge by the Group of Seven rich countries to intensify cooperation on the pandemic, saying it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.
Data compiled by Our World In Data, a scientific online publication, showed Israel was leading the world in COVID-19 vaccinations, with nearly 82 of 100 people vaccinated, while India and Bangladesh reported less than one person per 100, Many African countries have not started at all.
Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTech SE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.