In collaboration with the World Health Organization (WHO), the World Bank announced a $500 million insurance fund to fight pandemics in poor countries. The first $50 million for the facility is pledged by Japan, to develop the first global insurance market for pandemic risk.
The fund was an effort to prevent the Ebola catastrophe of 2014 from happening again, when the disease broke out and the necessary funds to could not be accessed quickly enough to help those affected and to help stop the diseases from spread further. The new facility will release large funds towards the affected country and first-response agencies, in the case of an outbreak.
Based on need and severity of the outbreak, the facility will quickly disburse funds in the initial amount of $500 million. Funds are however limited to a certain number of infectious diseases that fall within insurance policy, including diseases most likely to cause outbreaks.
Read full story at: Reuters