The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelope” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.


“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said.

The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the World Bank said.

Researchers are working on developing more than 170 potential COVID-19 vaccines.

Development and deployment of such preventive vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The world’s richest countries have locked up most of the world’s potential vaccine supply through 2021, raising worries that poor and vulnerable communities will not be able to get the shots. Meanwhile, an ambitious international project to deliver coronavirus vaccines to the world’s poorest people, called Covax, is facing potential shortages of money, cargo planes, refrigeration and vaccines

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelop” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said.

The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the statement said.

Development and deployment of vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The World Bank said it will draw on expertise and experience from its involvement in many large-scale immunization programs and other public health efforts.

The funding is meant to also help countries access tests and treatments and to support management of supply chains and other logistics for vaccinations in developing countries, the bank said.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

FAIRFIELD — The town is one step closer to accepting an additional $300,000 for the wastewater treatment plant hardening project, which aims to make the site more resistant to coastal flooding.

The Board of Finance unanimously approved a resolution to accept a Community Development Block Grant-Disaster Recovery at a recent meeting.

Town officials reached out to the state — which administers the grant for the federal government — to request more funding after contaminants were found at the plant during construction on the project, said Brian Carey, the acting director of the Public Works Department.

“The state was able to come up with additional funding for us in the amount of $300,000,” Carey said. “So, we’re just back in front of the Board of Selectmen and Board of Finance at this time to get the agreement signed so that we can acquire that (funding).”

In February, First Selectwoman Brenda Kupchick said the project would cost a total of $7.4 million but $3.33 million would be funded through a grant from the United States Department of Housing and Urban Development.


Carey said workers noticed oily water coming in from one of the excavations about six weeks into the work, which started in March and April. The water was tested and showed petroleum and PCBs.

“We actually ended up having to do soil testing, and the extent of that has just grown over time as we’ve discovered that there’s PCBs pretty much throughout the northeast corner of the site and, then, sporadically through the rest of the site,” Carey said, who has previously stated the contaminants are unrelated to the fill pile scandal.

The town is working with its licensed environmental professional, Tighe and Bond, as well as with the Connecticut Department of Energy and Environmental Protection and U.S. Environmental Protection Agency

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a person standing in front of a blue bench: On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor


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On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor

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THE BIG DEAL-Economy adds 661K jobs in final jobs report before Election Day: The U.S. gained 661,000 jobs in September, the Labor Department reported Friday in the final jobs report before Election Day.

The unemployment rate fell to 7.9 percent in September as the U.S. posted its fifth consecutive month of job gains after the onset of the coronavirus pandemic triggered the deepest and quickest economic contraction since the Great Depression.

The report, however, came in well below the projections of economists and contained several red flags about the strength of the recovery from the coronavirus recession.

  • September marked the fourth consecutive month of declining job gains after additions of 4.7 million in June, 1.7 million in July and 1.5 million in August, according to revised figures released Friday.
  • Economists had expected the U.S. to gain roughly 800,000 jobs in September to push the unemployment rate down to roughly 8.2 percent from 8.4 percent in August.
  • While the jobless rate fell below that level, the labor force participation rate – the percentage of potential workers seeking jobs – fell

HANOI (Reuters) – Vietnam’s port city of Haiphong said authorities had approved a $5.09 billion liquefied natural gas power and terminal project due to be developed by Exxon Mobil Corp

and to start power generation in 2026-27.

In a statement issued late on Thursday, the city’s People’s Committee said the power plant would have an initial capacity of 2.25 gigawatts (GW) and that would be expanded to 4.5 GW by 2029-2030.

It said the project would also include a terminal with a capacity of six million tonnes of LNG per year.

Exxon Mobil did not immediately respond to a request for comment.

In June, Vietnam’s government said it welcomed Exxon Mobil’s move to invest in the country following a phone call between Prime Minister Nguyen Xuan Phuc and Irtiza Sayyed, President of ExxonMobil LNG Market Development Inc.

The government said in a statement at the time that a power project in Haiphong could use LNG imported from the United States or other countries.

The Institute of Energy of Vietnam is drafting a new master power development plan and has compiled a list of 22 LNG power plants with a combined potential capacity of up to 108.5 GW, the first of which will be operational by 2023.

The Haiphong committee said on Thursday the city had also approved another $1.9 billion LNG power project with a capacity of 1.6 GW.

It said the first phase of the plant would be operational from 2025 and the entire plant from 2028, but did not specify a potential developer or investor.

(Reporting by Khanh Vu; Additional reporting by Phuong Nguyen; Editing by Ed Davies)

Copyright 2020 Thomson Reuters.

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