WASHINGTON (REUTERS) - The World Bank said its executive board approved on Tuesday (Oct 13) US$12 billion (S$16.2 billion) in new funding for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatments for their citizens.

The financing plan, part of US$160 billion in total resources that the multilateral development lender has pledged to provide to developing countries through June 2021 to help them fight the coronavirus pandemic, was first reported by Reuters in late September.

The World Bank said the financing program will include technical support to recipient countries so they can prepare for deploying vaccines at scale, and will signal to drug companies that there will be strong demand and ample financing for Covid-19 vaccines in developing countries.