Vaccine funding for developing countries continues in 2022

The China-backed Asian Infrastructure Investment Bank (AIIB) will continue to fund developing countries in sourcing COVID-19 vaccines, a senior official said Thursday.

Last year, the AIIB set up a funding facility to help the public and private sectors fight the pandemic. The Investment Bank has approved 42 projects worth over $ 10.3 billion as of November 5.

Up to $ 13 billion is available under its Crisis Management Facility to help AIIB members and customers manage the economic and health impact of the health crisis.

On the sidelines of COP26 in Glasgow, Danny Alexander, vice president of policy and strategy at the AIIB, told Reuters that vaccine funding had a massive impact on development.

"Unless you get the pandemic under control, all of these other things (environmental finance) that we're talking about can't happen," Alexander said.

Last month, the bank said it wanted to fully align its operations with the Paris Agreement climate targets by July 1, 2023.

The bank expects to approve $ 50 billion in climate finance-related projects by 2030, quadrupling annual climate finance pledges since it began reporting that number publicly in 2019.

Alexander said the investment bank wants to encourage private investment in its green projects through equity, equity investment guarantees and loan syndication from financiers.