The World Bank has announced that its Pandemic Fund’s Governing Board has approved a grant envelope of $500 million for its second round of funding. The goal is to assist low- and middle-income countries in bolstering their preparedness for future pandemics. This substantial funding is accessible to any country eligible for funding from the International Bank for Reconstruction and Development (IBRD) and/or the International Development Association (IDA).
According to a press release by the World Bank, eligible entities interested in this opportunity are invited to submit proposals through an online portal from late February to May 17, 2024. Building on the success of the pilot call, the second round will have a larger funding envelope. It will prioritize impactful investments in national and regional early warning systems, disease surveillance, laboratory infrastructure, and workforce capacity in public health and communities. Special attention will be given to community and civil society engagement, gender equity, and broader equity considerations throughout proposal development and implementation.
"After seeing an unprecedented demand for grant financing from countries in the first Call for proposals—which was eight times oversubscribed—I am pleased that we were able to move forward so quickly with our launch of the second Call," said Priya Basu, Executive Head of the Pandemic Fund, according to another press release by the World Bank. Basu continued: "At the same time, we have made sure that speed has not compromised the quality of our work— lessons learned to date have been incorporated into the design of the second round, with the goal of maximizing the impact of our funding."
As per information on its webpage provided by the World Bank, The Pandemic Fund focuses on financing critical investments in pandemic prevention, preparedness, and response. It particularly targets low- and middle-income countries. Stemming from the urgent need highlighted by COVID-19's significant impact, it serves as a dedicated resource to strengthen global health systems and mobilize additional resources. The Pandemic Fund plays a crucial role in addressing the immediate challenges posed by pandemics by incentivizing increased investments, fostering coordination among partners, and acting as a global advocacy platform.