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World Bank Launches New Global Financing Mechanism
MONROVIA, July 3 (LINA) - The World Bank Group has disclosed the launch of an innovative, fast-disbursing global financing mechanism called “The Pandemic Emergency Financing Facility.”
The new innovation is designed to protect the world against deadly pandemics, which will create the first-ever insurance market for pandemic risk.
The World Bank Group, in a statement released recently, revealed that the Program is part of the US$1.62 billion in financing that the Group has mobilized to address the 2014-2015 Ebola epidemic.
This component will be independently implemented by the Regional Disease Surveillance Systems Enhancement Program (REDISSE).
According to the world Bank Group, previous financing was focused on response and recovery efforts in Guinea, Liberia and Sierra Leone, the
countries hardest hit by Ebola.
This support includes $1.17 billion from IDA, the World Bank Group’s fund for the poorest countries, to provide treatment and care, contain
and prevent the spread of infections, help communities cope with the economic impact of the crisis.
It will improve public health systems and also includes at least US$450 million from International Finance Corporation (IFC), a member of the World Bank Group, to enable trade, investment and employment in Guinea, Liberia and Sierra Leone.
The REDISSE Program is part of the longer term response to the epidemic and moves beyond both Ebola Virus Disease and the borders of the three most-affected countries to help build a resilient, broad-based regional disease surveillance and response system, based on inter-country collaboration and collective action.
The bank notes that communicable and non-communicable diseases are a major constraint on the health, education and potential earnings of people living in the ECOWAS region and have the greatest impact on the most vulnerable people.