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South Africa to Recieve $474m Loan From World Bank for COVID Vaccines

The World Bank has approved a 474.4 million loans for South Africa to further help the country’s procurement of the Covid-19 vaccines.

According to the word bank and South Africa’s treasury, the loan is to help South Africa in easing the growing coronavirus cases and deaths in the country.

Reports have claimed that South Africa experienced the most deaths due to Coronavirus on the African Continent.

Statistics put the number of cases to have been beyond 3.9 million, with over 101,000 deaths.

Recall that the country, despite the number of coronavirus cases and deaths, struggled with procuring vaccines to help its medical centers and get the country back on track.

South Africa was said to have had quite a difficulty in securing vaccines, due to little or close to no supply of vaccines to the country, further made tough by protracted negotiations.

Vaccines

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Thankfully, things have changed and doses of the Coronavirus are now available and well supplied to the country.

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

According to Ismail Momoniat, acting director-general of the Treasury, the loan is part of the government’s endeavor to reduce debt-service costs by employing less expensive funding sources in response to the pandemic.

Just over half of South Africa’s adult population of almost 40 million individuals had received at least one vaccine dosage as of Monday. Despite efforts to increase immunization rates, the vaccination program has stagnated recently.

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