The fund will help countries prepare for future health crises.
To overcome another possible global health crisis, Singapore agreed to provide $13.8m (US$10m) in World Bank’s proposed financial intermediary fund (FIF).
In a statement, the government said the G20 Joint Finance and Health Ministers Meeting endorsed a proposal to put up the FIF to improve response and prevention of a future pandemic.
“The FIF aims to fill critical financing prevention, preparedness and response (PPR) gaps and promote a more coordinated approach to PPR investments,” read the statement.
It will also leverage domestic investments in low and lower-middle-income countries as well as “build pandemic PPR capacities at the regional and global levels.”
Aside from Singapore, the European Commission, Germany, Indonesia, and the US, vowed contributions to FIF.
$1 = US$0.72