S'pore contributes US$10 million to fund for pandemic preparedness and prevention hosted by World Bank

The World Bank will provide tailored operational, legal and financial services to manage the fund. PHOTO: AFP

SINGAPORE - Singapore will contribute US$10 million (S$13.9 million) to a financial intermediary fund for pandemic prevention, preparedness and response (PPR), said the Ministry of Finance and Ministry of Health in a joint statement on Tuesday (June 21).

The Group of 20 (G-20) joint finance and health ministers meeting endorsed a proposal to establish the fund, hosted by the World Bank, in line with the recommendations by the G-20 high level independent panel.

The panel on financing the global commons for pandemic preparedness and response was established by the Italian G-20 presidency in 2021.

The financial intermediary fund aims to fill critical financing PPR gaps and promote a more coordinated approach to PPR investments.

It will value-add to existing work to catalyse domestic investments in low- and lower-middle-income countries, as well as build pandemic PPR capacities at the regional and global levels.

The World Bank provides tailored operational, legal and financial services to manage the fund.

The European Commission, Germany, Indonesia and the United States have pledged contributions to the financial intermediary fund.

"Singapore will continue to work closely with the Indonesia G-20 Presidency and our international partners to strengthen our collective resilience against future pandemics," said the ministries.

The G-20 comprises the European Union and 19 countries with the biggest industrialised and emerging economies. It will be holding its summit in Indonesia's Bali island in November.

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