The World Bank said its executive board approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatments for their citizens.

The financing, which aims to support vaccination of up to 1 billion people, is part of an overall World Bank package of up to $160 billion through June 2021 to help developing countries fight the pandemic, according to a statement, reports Xinhua.

The statement noted that it adds new financing to the World Bank’s Covid-19 emergency response programmes that are reaching 111 countries.

“We’re extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” World Bank Group President David Malpass said.

Global Covid-19 cases has surpassed 38 million, with more than 1 million deaths recorded, according to Johns Hopkins University, BBC reported.