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News24 reports that the World Bank has approved a €454.4 million (R7.6 billion) low-interest loan to help fund SA’s purchase of vaccines. The government had asked for assistance in financing vaccine procurement.
This loan will now retroactively be used to finance the country’s acquisition of 47 million Covid-19 vaccine doses. As of Monday, more than 36.4 million doses of Covid-19 vaccines had been administered. Just over 50% of the country's adults, and 29.9% of 12 to 17-year-olds had been vaccinated. The Treasury and the World Bank said in joint statement that more could be done to increase vaccine coverage and boost SA’s economic recovery. "The loan forms part of government efforts to reduce debt service costs by making use of cheaper sources of funding through multilateral development banks, whilst supporting the health system to respond to Covid-19 through the roll-out of vaccines, critical research, and treatment measures," acting Treasury director-general Ismail Momoniat said in the statement. "This support aims to put the country on a more resilient and inclusive growth path by boosting South Africa’s Covid-19 vaccination efforts with the goal of vaccinating up to 70% of the country’s target population. This project builds on our new World Bank Group country partnership framework 2022 – 2026, jointly developed with the government in July 2021 to help stimulate investment and job creation," said Marie Françoise Marie Nelly, the World Bank’s country director for SA.
- Read the full original of the report in the above regard compiled by Ahmed Areff at Fin24
- Lees ook, R7 miljard-lening vir SA se Covid-program, by Maroela Media
Get other news reports at the SA Labour News home page