World Bank approves R7.6bn loan to SA for Covid vaccines

The vaccination campaign has slowed in recent months.
Image: Bloomberg

The World Bank has approved a loan of €454.4 million (R7.61 billion) to help South Africa fund Covid-19 vaccine purchases, the bank and South Africa‘s National Treasury said in a statement.

South Africa has recorded the most coronavirus cases and deaths on the African continent, with over 3.9 million confirmed cases and more than 101,000 deaths. It initially struggled to secure vaccines due to limited supplies and protracted negotiations, but it is now well-supplied with doses.

“This project will retroactively finance the procurement of 47 million Covid-19 vaccine doses by the GoSA (Government of South Africa),” the statement said.

The loan is part of government efforts to cut debt-service costs by using cheaper funding sources in its response to the pandemic, Ismail Momoniat, acting director-general of the Treasury said.

As of Monday, just over 50% of South Africa‘s adult population of around 40 million people had received at least one vaccine dose. In recent months the vaccination campaign has slowed, despite efforts to boost takeup.

COMMENTS   2

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

Now will the SA government support the local vaccine supplier or opt to import?

Nope – this is just to pay for what they have squandered already. No on wants their vaccines in SA, especially the local one !!!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Subscribe to our mailing list

* indicates required
Moneyweb newsletters

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: