JPMorgan to support vaccine production in developing nations

JPMorgan building on Park Avenue, New York. Photo: Bumble Dee/Shutterstock

Per Reuters, the development finance branch of investment bank JPMorgan is seeking to provide vaccine aid to developing countries, such as the Dominican Republic.

The bank has helped with bonds for the governments of Morocco and the Dominican Republic, where the funds raised are aimed at helping companies affected by the pandemic and financing the state budget. 

Aid would also involve a variety of medical equipment, not limiting itself to vaccines. Last year, the institution spent over USD 146 billion helping struggling countries during the pandemic.

The vaccine supply chain, gender-focused lending, water and food security, and climate-smart agriculture are areas where the institution will look to focus, as managing director Faheen Allibhoy is quoted as saying.

Vaccine rollouts in Latin America are still patchy, and any support would be welcome. While Chile has managed to immunize 34 percent of its population, nations such as Honduras and Paraguay have yet to hit 1 percent. And in Haiti — the poorest country in the Western Hemisphere — not a single coronavirus vaccine has been administered.

This story has been updated for accuracy.