Saudi Arabia announced a pledge of $50 million for the Financial Intermediary Fund (FIF) or the Pandemic Fund to enhance global efforts to prevent pandemics.
Saudi Foreign Minister Prince Faisal bin Farhan made the announcement during his speech, delivered on behalf of Crown Prince and Prime Minister Mohammed bin Salman, at the foreign ministers’ session of the G20 Summit, which concluded in Bali, Indonesia, on Wednesday.
The Pandemic Fund initiative was established as an output of Saudi Arabia’s presidency of G20 during the year 2020.
At that time, the heads of state and leaders of the G20 lauded the Saudi presidency’s initiative to discuss solutions to address gaps in global pandemic preparedness and response procedures, including the Kingdom’s proposal to launch an initiative to access pandemic control tools.
In their closing statement, G20 leaders welcomed the establishment of the FIF, noting the Kingdom’s role in developing the initial idea during its presidency of the group.
The fund will provide a dedicated stream of additional, long-term financing to strengthen pandemic prevention, preparedness, and response capabilities in low and middle-income countries and address critical gaps through investments and technical support at the national, regional, and global levels.
The fund will finance laboratory systems, disease surveillance, emergency communications and management, community engagement, and the health workforce.
The support provided by the Kingdom, in addition to the support provided by countries, institutions, and international non-profit organizations, totaling $1.4 billion, will contribute to boosting efforts at the regional and global levels to share epidemiological data, coordinate procurement of medical and non-medical countermeasures, and harmonize regulatory measures.
