Source: Government of Norway
Norway is entering into an agreement with the International Finance Corporation (IFC), the World Bank’s private sector arm, on the provision of NOK 72 million in support to the IFC’s new Global Health Platform.
‘Developing countries often have vulnerable health systems and weak social security systems. For this reason, the coronavirus pandemic is having a particularly severe impact on people living in these countries. The crisis is exacerbated by the fact that many low-income countries are dependent on imported health products and consumer goods,’ said Minister of International Development Dag-Inge Ulstein.
Through its Global Health Platform, IFC offers financing and advice to manufacturers, suppliers and service providers in the health sector that are working to improve access to health products and services in developing countries. IFC will also help developing countries to expand their manufacturing capacity so that more healthcare products and health services can be produced locally. IFC will also seek to improve the level of knowledge and skills in health services and work to promote gender equality at management level. The Global Health Platform builds on the USD 8 billion fast-track financing facility that IFC established in response to the outbreak of the COVID-19 pandemic in March. This facility has helped businesses to maintain production and stay afloat despite the impacts of the pandemic.
‘Norway is playing a leading role in the efforts to combat the pandemic. We are providing political support and mobilising financing for the global response. IFC’s Global Health Platform supplements and reinforces the work being carried out under the World Health Organization’s Access to COVID-19 Tools (ACT) Accelerator. Private sector involvement is essential if we are to succeed in beating the pandemic, and we are proud to be cooperating with IFC,’ said Mr Ulstein.