New fund for pandemic prevention, preparedness and response formally established

WASHINGTON, 9th September, 2022 (WAM) — The new financial intermediary fund (FIF) for pandemic prevention, preparedness, and response (PPR) was officially established by the FIF Governing Board at its inaugural meeting from September 8-9, 2022.

The fund will provide a dedicated stream of additional, long-term financing to strengthen PPR capabilities in low- and middle-income countries and address critical gaps through investments and technical support at the national, regional, and global levels. T he fund will draw on the strengths and comparative advantages of key institutions engaged in PPR, provide complementary support, improve coordination among partners, incentivize increased country investments, serve as a platform for advocacy, and help focus and sustain much-needed, high-level attention on strengthening health systems.

The first calls for proposals for investments to be funded by the FIF will open in November 2022.

“COVID-19 has highlighted the pressing need for action to build stronger health systems,” said World Bank Group President David Malpass. “Investing now will save lives and resources for the years to come. We welcome the broad support from the international community for this new, multilateral financial intermediary fund at the World Bank to help low- and middle-income countries and regions become better prepared for global health crises and are pleased to have been able to proceed quickly in establishing the fund.”

“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, Dr Tedros Adhanom Ghebreyesus. “The suffering and loss we have all endured will be in vain unless we learn the painful lessons from COVID-19 and put in place the measures to fill critical gaps in the world’s defences against epidemics and pandemics. The FIF is one of those key measures, and WHO looks forward to fulfilling its technical leadership role in advising the FIF Board on where to make the most effective investments to protect health, especially in low- and middle-income countries.”

The FIF was developed with broad support from members of the G20 and beyond. Over US$1.4 billion in financial commitments have already been announced and more are expected in the coming months.