Background & Overview
The Pandemic Fund is a first-of-its-kind multilateral financing mechanism dedicated exclusively to strengthening critical pandemic prevention, preparedness, and response (PPR) capacities at the local, regional, and global levels, with a focus on low- and middle-income countries. The Fund provides a dedicated stream of additional long-term financing for investments in priority areas such as disease surveillance, laboratory systems, and health workforce strengthening – with the goal of containing emerging outbreaks and preventing pandemics.
The devastating human, economic, and social costs of COVID-19 have underscored the urgent need for coordinated action to build stronger health systems and mobilize additional resources for pandemic PPR. Recognizing the need to address chronic underinvestment in pandemic PPR capacity, particularly in low- and middle-income countries, the G20 Finance Ministers and Central Bank Governors requested in April 2022 that the World Bank explore the establishment of a new financing mechanism.
With broad support from the G20, other founding donors, civil society, and key stakeholders, the World Bank’s Board of Directors approved the proposal to establish the Pandemic Fund on June 30, 2022. The Pandemic Fund was officially established by its Governing Board at its inaugural meeting on September 8-9, 2022. It was launched at the G20 Joint Finance and Health Ministers’ Meeting in Bali, Indonesia on November 13, 2022.
The World Bank hosts the Pandemic Fund Secretariat and serves as Trustee and as one of the implementing entities, alongside other Multilateral Development Banks (MDBs) and international organizations. A Technical Advisory Panel, appointed by the Governing Board and comprising leading experts, advises the Board on funding priorities and gaps, and assesses the technical merits of funding proposals.
The Pandemic Fund has moved quickly to fill critical investment gaps. The Fund has already built a US$7 billion portfolio of investment projects —in partnership with governments, MDBs, UN agencies, philanthropies, the private sector, and civil society—to strengthen PPR capacities within and across 75 low- and middle-income countries, spanning six geographic regions.
These projects are operationalizing multisectoral One Health approaches and fostering coordination and collaboration across sectors and borders. The Fund is leveraging resources and expertise of its implementing entities and other partners, while also incentivizing countries to increase domestic investments, helping to ensure financial sustainability and long-term impact.
