SYDNEY, Nov. 14, 2022 /PRNewswire/ -- The Global Infrastructure Hub welcomes the launch of the G20's Pandemic Fund to address pandemic prevention, preparedness, and response, particularly in vulnerable countries, GI Hub Chief Executive Officer Marie Lam-Frendo said.
"The COVID-19 pandemic showed us that across the world, countries were tragically unprepared to manage a global health crisis.
"The G20's Pandemic Fund will help ensure sufficient, long-term, and better coordinated financing for pandemic prevention, preparedness, and response, and strengthen the capacity of low- and middle-income countries' health systems.
Investment is critical
"The inadequate global response to COVID-19 was a result of decades of underinvestment in health systems and infrastructure.
"Despite recent modest growth, due to pandemic control activities, private investment in health infrastructure has been on a downward trend for years, the social sector (which includes hospitals) accounted for only 6% of total private investment in infrastructure projects from 2010 - 2020.
"Adequate infrastructure investment is critical to improving health system capacity and pandemic response and management. Especially in emerging markets and developing economies, where lower levels of existing infrastructure exacerbate the challenges of capacity to respond to pandemics.
Addressing large gaps in financing preparedness
"It's reassuring to see the international community come together with political will and consensus to launch the Pandemic Fund - this is a testament to multilateralism, even in challenging times.
"I congratulate Indonesia's and Italy's leadership under their individual G20 presidencies for developing and launching the Pandemic Fund and securing the foundational and current donors.
"I see this step as a golden opportunity for pandemic prevention, response strategies, and health systems to be strengthened in countries where it's needed the most.
"We're ready to support the G20, in our role as their dedicated infrastructure entity, to ensure this opportunity builds resilience and improves pandemic readiness, particularly in countries' with low health infrastructure investment."