Argentina will borrow 500 million US dollars from the World Bank to purchase 40 million phase III mRNA vaccines from the American laboratories Pfizer and Moderna against Covid-19.
Argentina must Repay over 19 Years
The new Chief of Cabinet of Ministers of the Nation, Juan Manzur, together with the Minister of Health, Carla Vizzotti, the Secretary of Strategic Affairs, Gustavo Béliz, and the Director of the World Bank for Argentina, Jordan Schwartz, announced at a press conference the granting of a millionaire loan from the World Bank, which will be destined to the acquisition of the doses, of which 20 million will be from Pfizer-Biontech and 20 million from Moderna laboratory. The loan is to be repaid by Argentina over 19 years.
“This ensures the sustainability of the immunization program and generates predictability. With this investment, the supply of vaccines for the last quarter of the year and the first half of next year is assured. That is why we are grateful to the World Bank authorities, because these decisions, in times of pandemic, have been taken in a very short time”, said Manzur.
Since the emergence of Covid-19, the World Bank has been in charge of granting credits to the different countries with the “Emergency Response Project for COVID-19”. On this occasion, the credit granted will provide the dollars for the 2021 and 2022 vaccination campaign.
Béliz highlighted that the financing “was approved in record time”, and added: “It is a unique credit for the whole region, and it speaks of the confidence that Argentina inspires in an international organization, which multiplied by 10 the credit approved last year for vaccines for our country. In 2020, financing was approved for 35 million dollars and this time it is a credit of 500 million dollars for the acquisition of Pfizer and Moderna vaccines”.
Jordan Schwartz concluded the conference, saying, “We are proud to support Argentina’s efforts to immunize its population and to ensure vaccination this year and next year. We will finance the purchase of vaccines for the adolescent population and for those who need to complete their schedule”.
The agreement reached with the Washington-based multilateral lending agency will involve the following payments to each laboratory:
The contract provides for 20 million doses during the first half of 2022, at a rate of $21.5 per dose . It will be financed through this operation at least 70% (u$s 300 million) of the amount of this contract (u$s 430 million).
The contract provides for 20 million doses. A total of 580,000 doses have been received during September and 19.4 million will be received during the fourth quarter of 2021. The operation will finance about 67% (u$s 162.4 million) of this contract (u$s 240 million). The Ministry of Health is negotiating the signature of the amendment that will make this vaccine available by 2022.
Since March 2020, and on the occasion of Covid-19, different countries have borrowed US$ 157 billion from the World Bank, mostly for the acquisition of doses from U.S. laboratories, a country which is one of the main shareholders of the financial entity. A rounded business from any point of view.