The World Health Organization (WHO) has announced the official establishment of the new financial intermediary fund (FIF) for pandemic prevention, preparedness and response (PPR) by the FIF Governing Board, with the first calls for proposals for investments opening in November.
The fund, which was established at the FIF’s inaugural meeting, is set to 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, WHO outlined.
Over $1.4bn in financial commitments have already been announced and more are expected in the coming months.
WHO director-general, Dr Tedros Adhanom Ghebreyesus, said: “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.
“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 Technical Advisory Panel, appointed by the Government Board, will be chaired by WHO and will comprise of leading experts to ‘assess and make recommendations on the technical merits of proposals for funding, ensuring linkages to the International Health Regulations, as part of the broader global PPR architecture,’ WHO said.
The announcement follows approval by the World Bank’s Board of Directors in June, with the World Bank set to serve as the FIF’s trustee and host the Secretariat, which will include technical staff seconded from WHO.
Commenting on the establishment of the fund, World Bank Group president David Malpass, said: “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.”