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World Bank approves $474m loan to S/Africa for COVID-19 vaccines

Loan

The World Bank on Tuesday approved a loan of 454.4 million euros (474.4 million dollars) to help South Africa fund COVID-19 vaccine purchases.

The bank and South Africa’s National Treasury in a statement said South Africa has recorded the most coronavirus cases and deaths on the African continent, with over 3.9 million confirmed cases and more than 101,000 deaths.

It initially struggled to secure vaccines due to limited supplies and protracted negotiations, but it was now well-supplied with doses.

“This project will retroactively finance the procurement of 47 million COVID-19 vaccine doses by the GoSA (Government of South Africa),” the statement said.

Ismail Momoniat, acting director-general of the Treasury said the loan was part of government efforts to cut debt-service costs by using cheaper funding sources in its response to the pandemic.

As of Monday, just over 50 per cent of South Africa’s adult population of around 40 million people had received at least one vaccine dose.

In recent months the vaccination campaign has slowed, despite efforts to boost take up. (Reuters/NAN) (www.nannews.ng )

Edited by Hadiza Mohammed/Sadiya Hamza