Global pandemic fund to open for investment proposals in November

A new fund for pandemic prevention, preparedness and response hosted by the World Bank will invite investment proposals from November 2022, the World Health Organization (WHO) said in a press release. 

The financial intermediary fund (FIF) was formally launched at a meeting held during September 8-9 2022. 

It is built to financially boost efforts in low- and middle-income countries to prevent, control and prepare for pandemics such as COVID-19. It will also “address critical gaps through investments and technical support at the national, regional and global levels”, according to a statement by WHO. 

The treasury will also combine the roles of institutions involved in pandemic research for: 

• Provide complementary support
• Improve coordination among partners
• Incentivise increased country investments
• Serve as a platform for advocacy
• Help focus and sustain much-needed, high-level attention on strengthening health system

“The COVID-19 pandemic has been a seismic shock to the world, but we also know that the next pandemic is a matter of when, not if,” said WHO Director-General Tedros Adhanom Ghebreyesus. The governing board of the fund will have a WHO-led technical advisory panel.

WHO said: 

FIF financing could help strengthen and sustain pandemic prevention, preparedness and response capacity in areas such as zoonotic disease surveillance; laboratories; emergency communication, coordination and management; critical health workforce capacities; and community engagement. 

“FIF-financed projects can also help strengthen pandemic prevention, preparedness and response at the regional and global levels, for example, by building capacity for medical countermeasures,” the UN health agency said. 

The fund pooled in financial support from the G20 countries and some other nations. “Over $1.4 billion in financial commitments have already been announced and more are expected in the coming months,” according to WHO.

Australia, Canada, China, the European Commission, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, New Zealand, Norway, Singapore, South Africa, Spain, the United Arab Emirates, the United Kingdom, the United States, the Bill & Melinda Gates Foundation, the Rockefeller Foundation and Wellcome Trust have committed to support the initiative.