The World Health Organization (WHO)on Monday said it has joined hands withthree multilateral development banksto sign a US$ 1.5 billion primary health financing platform for improving health care in low- and middle-income countries.

The funding was signed by the African Development Bank (AfDB), European Investment Bank (EIB), Islamic Development Bank (IsDB) and WHOat a high-level roundtable meeting in New York on Monday.

Apart from the three multilateral development banks and WHO, heads of state, finance and health ministers from Djibouti, Egypt and Ethiopia too were present at the meeting.

The fundwill be primarily used to strengthen the primary healthcare services in vulnerable and undeserved communities.

The Health Impact Investment Platform, launched during the summit for a New Global Financing Pact in Paris in 2023, also aims at making the low-and middle-income countries capable of managing pandemic threats like mpox and climate crisis in the future.

WHO and its partners will first focus on 15 countries including Burundi, Egypt, Comoros and South Sudan, the UN health agency said in a statement.

European Investment Bank (EIB) and WHO have contributed € 10 million towards the initiative and the rest two partners are still finalizing their contributions.

"Primary health care is the most equitable, cost-effective and inclusive way to improve health and well-being, helping to keep people healthy, prevent diseases, and detect outbreaks at their earliest stage," WHO Director-GeneralDr Tedros Adhanom Ghebreyesus, said in a statement.

New Health Impact Investment Platform 

"The Health Impact Investment Platform will be a vital source of new financing to build climate and crisis-resilient primary health care in some of the countries that need it most. WHO thanks the multilateral development banks for their partnership, and we are committed to working closely with the countries to put these funds to work and start making a difference in the communities we serve," he added.

A pre-covid estimate done by WHOhad highlighted the need for the low-middle income countries to increase their health spending, and had demandedthe need of an additional US$ 371 billion annually by 2030. According to the estimate, about US$ 31.1 billion will also be required every year to manage pandemics, one third of which was expected from international financing.

The idea of the latest platform emerged from success of several programs launchedduring COVID-19.

In an effort to extend the benefits to the regions it operates, the Asian Development Bank too has expressed its interest in joining this initiative, WHO said.