US COMMITS $250 MILLION FOR NEW COVID FUND
The White House also took action to focus on preparing for the next pandemic.
Vice President Harris called for a new global health security fund at the World Bank to focus on pandemic preparedness, with the Biden administration planning to contribute $250 million in seed funding, a White House official said.
Harris, who made the announcement while leading a session of a global COVID-19 virtual summit, also revealed that the administration is requesting $850 million from Congress for the financial intermediary fund (FIF). The Biden administration is setting a goal of reaching $10 billion for the fund at the outset.
“The truth is the work to end this pandemic and prepare for the next is a strategic imperative. It is essential to our security and our shared prosperity and it will save countless lives,” Harris said in prepared remarks at the outset of the meeting.
The vice president described the goal of $10 billion for the financial intermediary fund as “ambitious” but “achievable” as she urged other nations and private organizations to contribute.
“That is a fraction of a percent of global GDP,” she noted.