Global annual spending to protect and restore nature on land needs to triple this decade to about $350 billion by 2030 and rise to $536 billion by 2050.
Sub-Saharan Africa and South Asia would face an annual GDP contraction of 9.7% and 6.5% respectively, it warned.
The World Bank's vaccine financing package can be used by countries to buy vaccine doses through COVAX, the new African Vaccine Acquisition Task Team (AVATT) or other sources.
He told reporters the World Bank had made nearly $100 billion in lending commitments since the outbreak of the crisis in early 2020, well above the normal level of just under $60 billion.
"This additional financing comes at a critical time when the Government of Kenya is making concerted efforts to contain the rising cases of COVID-19 infections," said Keith Hansen.
Funds will be used to finance the Pakistan Program for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Foster Transformation