Alwaleed Philanthropies allocates $30m to combat the virus

Global philanthropic foundation, Alwaleed Philanthropies, has allocated as much as $30m to a number of initiatives to combat the Covid-19 pandemic.

By collaborating with several partners, the initiatives will seek to tackle the implications of the pandemic, such as manufacturing rapid diagnostic tests for developing countries and reducing the long-term impact of the potential economic fallout of the contagion.

The fund, chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, includes an additional $20.6m besides $9.4m of existing funds, which have been reallocated for the fight against the virus strain.

The funds follow Prince Alwaleed’s move to make available many of his assets including his Four Seasons Hotel, Kingdom Schools, Banque Saudi Fransi, and National Industralization Company (Tasnee) to support the kingdom’s efforts against the Covid-19.

As part of its ongoing support to the Middle East and North Africa region, the fund includes a significant portion towards initiatives including allocation to UN-Habitat to improve water, sanitation and hygiene in vulnerable communities and to establish shelter and rehabilitate damaged housings to address overcrowding and enable social/physical distancing in disadvantaged neighborhoods.

Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud said, “In these times of unprecedented crisis it is more important now than ever that we pull our resources together in the battle against Covid-19. With many developed nations struggling to cope with the Covid-19 pandemic, we must spare a thought for the developing countries of Africa and the less fortunate countries in the Middle East.

“Alwaleed Philanthropies has a 40-year history of supporting development and humanitarian initiatives that lift up the most vulnerable people and bridge the gaps that divide society, we will continue to do so in the face of the pandemic.”

Alwaleed Philanthropies is also working with The Islamic World Educational, Scientific and Cultural Organisation (ICESCO) and will contribute to mitigate the crisis in Africa while promoting hygiene in developing countries.

The amount allocated to ICESCO will strengthen local manufacturing capabilities to produce hygiene products and protective equipment while empowering women and young entrepreneurs in the informal and local sector.

Alwaleed Philanthropies will also be working with the Gates Philanthropy Partners to fund a number of health projects to expedite the development of therapeutics and delivery of diagnostics to protect the vulnerable in Africa.

This includes an allocation to the Africa Centres for Disease Control and Prevention, which will facilitate additional diagnostic laboratories and testing capabilities throughout the continent.

Additionally, Alwaleed Philanthropies has consolidated its ties with Gavi in supporting the Infuse program with a further amount allocated to provide accessibility to remote areas. It is also supporting the World Health Organization (WHO) in strengthening its existing procurement capacity to secure emergency products and build a global stockpile.