World Bank expanding vaccine financing, sees trade as important for recovery

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

Mr 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 US$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," Mr 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."

REUTERS