The World Bank's board on Thursday approved creation of a fund meant to finance investments in strengthening the fight against pandemics. The fund will support prevention, preparedness and response (PPR), with a focus on low- and middle-income countries, the bank said in a statement. "The devastating human, economic, and social cost of COVID-19 has highlighted the urgent need for coordinated action to build stronger health systems and mobilise additional resources," it said. The World Bank added that the fund, which it aims to open later this year, was developed under the leadership of the United States, Italy and Indonesia as part of their G20 presidencies, and with broad support from the G20. It will be used in a number of areas, including disease surveillance, with more than $1 billion in commitments already announced. "The World Bank is the largest provider of financing for PPR with active operations in over 100 developing countries to strengthen their health systems," World Bank President David Malpass said in the statement. The so-called financial intermediary fund (FIF) will provide financing to "complement the work of existing institutions in supporting low- and...