As G20 Bali Summit approaches, a service station for electric-powered bikes operates at Bali, Indonesia, on Nov 13, 2022. (IDA XUE / CHINA DAILY)

Bali - The health ministers of G20 nations have agreed to establish a $1.4 billion COVID-19 pandemic fund to improve medical countermeasures and improve genetic surveillance.

The fund, which was launched on Sunday, is targeted at low-to middle-income countries to finance efforts like research, surveillance, and better access to vaccines, among others measures.

The fund has raised about $1.4 billion so far, including contributions from China, Indonesia, the United States and the European Union, as well as from donors and philanthropic organisations like the Bill and Melinda Gates Foundation.

The fund has raised about $1.4 billion so far, including contributions from China, Indonesia, the United States and the European Union, as well as from donors and philanthropic organisations like the Bill and Melinda Gates Foundation

It was created amid anger among many developing countries over their experience during the COVID-19 pandemic, when richer countries often hoarded the bulk of resources such as vaccines to fight the virus.

The World Bank, which will serve as the fund's trustee, and the World Health Organization (WHO), which is advising on the facility, estimated in a report that the annual funding gap for pandemic preparedness is $10.5 billion.

Indonesia's Finance Minister Sri Mulyani Indrawati said the fund is expected to increase in size with contributions from France and Saudi Arabia. She did not specify by how much.

The fund was the outcome of the second Health Ministerial Meeting in October 2022 and would be part of the agenda at the G20 Summit in Bali, Secretary General of Indonesian Ministry of Health Kunta Wibawa Dasa Nugraha said in a news conference on Nov 11.

“The agreement is an excellent place to start because the fund discussion has already garnered such a significant commitment in just a few months. This ‘pandemic fund’ commitment is included in the agenda of the G20 leaders’ summit,” said Nugraha.

According to Nugraha, 20 countries and regions and three philanthropists have expressed willingness to contribute to fund.

These countries and regions include China, Australia, Canada, the European Union, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, New Zealand, Netherlands, Norway, South Africa, Singapore, the United Kingdom, Spain, the United States, and United Arab Emirates. 

READ MORE: Indonesian envoy upbeat on G20 summit outcomes

As health is among priority issues of the summit, the G20 health agenda may potentially be supported by this pandemic fund. 

The agenda includes efforts to improve genetic surveillance, encourage the mobilization of health resources for medical countermeasures, and expand research and manufacturing networks for vaccines, therapies, and diagnostics.

Meanwhile, the Environmental, Social, and Governance (ESG) Framework and Manual for government support and facilities in infrastructure financing was launched on Nov 12. This initiative is the first ESG policy established by the Indonesian Ministry of Finance in infrastructure financing. 

ALSO READ: S. Korea's Yoon to attend ASEAN, G20 summit meetings

With Reuters inputs