The World Bank has approved creation of a fund meant to finance investments in strengthening the fight against pandemics. 

The fund will support prevention, preparedness and response with a focus on low and middle-income countries.

In a statement, the Bank said the devastating human, economic and social cost of COVID-19 has highlighted the urgent need for coordinated action to build stronger health systems and mobilize additional resources.

The World Bank is the largest provider of financing for prevention, preparedness and response with active operations in over 100 developing countries to strengthen their health systems.