NATIONAL NEWS - A new World Bank financing mechanism will allow developing countries to purchase Covid-19 vaccines collectively through the Covax facility, the scheme announced Monday.

Covax was set up to ensure 92 developing territories could access coronavirus vaccines to fight the pandemic, with the cost covered by donors.

The new mechanism will allow those countries to buy additional doses on top of the subsidised ones they will already receive via Covax.

Using money from the World Bank and other development banks, the facility says it will make advanced purchases from vaccine manufacturers based on aggregated demand across countries.

Under the World Bank financing arrangement, up to 430 million additional doses, or enough doses to fully vaccinate 250 million people, would be available for delivery between late 2021 and mid-2022 for the 92 countries that currently get their vaccine doses covered by donors.