WASHINGTON (AFP) - The World Bank announced Wednesday it has increased its Covid-19 vaccine fund for developing countries by $8 billion to $20 billion.

In addition, the bank's private financing arm secured a 600 million euro ($710 million) package for a South African vaccine manufacturer to ramp up production, the institution announced.

''Together the actions announced today on vaccine production, deployment and financing will save lives, boost economic recovery and help ensure the people in the developing countries have a chance to prosper,'' World Bank Group President David Malpass told reporters.

The $20 billion is available through 2022 to finance vaccine distribution as well as cold chains and training health workers, the bank said in a statement.

As of Wednesday the bank had distributed $4.4 billion to 51 developing nations, half of which in the form of grants or low-cost loans.

Malpass again urged advanced nation to step up support for vaccine access in developing nations, including distributing excess doses especially as a greater share of the population in rich countries receive their jabs.

His comments came after the first meeting of a vaccine task force comprised of the leaders of the World Bank, International Monetary Fund, World Health Organization and World Trade Organization.

In a joint statement they said the task force was created to serve as a ''war room'' to coordinate vaccine delivery in developing countries.

''We are deeply concerned about the limited vaccines, therapeutics, diagnostics, and support for deliveries available to developing countries,'' the statement said.

''Urgent action is needed now to arrest the rising human toll due to the pandemic, and to halt further divergence in the economic recovery between advanced economies and the rest.''

Axel van Trotsenburg, World Bank operations chief, said ''Significant challenges still remain regarding vaccine deployment and hesitancy. We are taking action on all fronts to tackle these challenges.''

Since the start of the pandemic the Washington-based development lender has approved more than $150 billion to help address the health and social impacts of the crisis.

Meanwhile, the bank's International Finance Corporation (IFC) joined forces with French, German and US development agencies on a financing package for Aspen Pharmacare Holdings Limited, a leading pharmaceutical company in South Africa.

The resources will allow the company to refinance debt and boost vaccine production, the IFC said in a statement.

The company has contracted with Johnson & Johnson to finish and package the single-dose vaccine.

''Aspen is seeking to play a meaningful role in contributing to the objective of delivering the majority of Africa's needs from production sites located in Africa,'' said Stephen Saad, Aspen's Group Chief Executive.

Meanwhile International donors on Wednesday pledged over $700 million to South African pharmaceutical giant Aspen to boost production of Covid-19 vaccines and treatment on the under-vaccinated continent.

The continent, which mainly relies on the United Nations and the African Union for its jabs, has struggled to keep up with the pace of vaccination elsewhere in the world.

Just over one percent of Africa's population was been fully vaccinated as of last week, according to the World Health Organization, as many countries grapple with third infection waves fuelled by more transmissible virus variants.

Governments across Africa have called on the international community to help bolster the continent's vaccine supply chain to speed up the rollout.

The World Bank's International Finance Corporation (IFC) on Wednesday announced a 600 million euro ($711 million) ''long-term financing package'' for Aspen ''to support the development of vaccines for African countries''.

The package will be co-funded by the IFC as well as French, German and American development institutions.

IFC managing director Makhtar Diop said that having an immunised population would be key to Africa's economic recovery from the pandemic.

''The fact that we have only one percent of the African population which is now vaccinated will make it slower,'' he told AFP, stressing the impact on tourism and trade.

Africa is working with the European Union and other partners to help create regional vaccine manufacturing hubs.

Aspen already imports drug components from US vaccine producer Johnson & Johnson and handles the final syringe filling and packaging process at a site in the southeastern city of Gqeberha.