"The Ebola outbreak has been devastating in terms of lives lost and the loss of economic growth in Guinea, Liberia and Sierra Leone," Kim told an audience at Georgetown University here.

"We need to make sure that we get to zero cases in this Ebola outbreak. At the same time, we need to prepare for future pandemics that could become far more deadly and infectious than what we have seen so far with Ebola," he said.

"We must learn the lessons from the Ebola outbreak because there is no doubt we will be faced with other pandemics in the years to come," said the World Bank President as he laid out a vision in which governments, insurance companies, multi-lateral organisations, corporations and international donors worked together to build a system that would help all countries prepare for potentially catastrophic health disasters.

Kim said the World Bank Group has been working for several months with the World Health Organisation, other United Nations agencies, academics, re-insurance company officials and others to work on a concept for developing a pandemic facility.

"This could work like insurance policies that people understand, like fire insurance. The more that you are prepared for a fire, such as having several smoke detectors in your house, the lower the premium you pay," he said.

"The more that countries, multi-lateral institutions, corporations and donors work together to prepare for future pandemics – by building stronger health systems, improved surveillance and chains of supply and transportation, and fast-acting medical response teams -- the lower the premium as
well," he said.

"That would benefit donors and others who would pay the premium, but the greatest benefit would be that market mechanisms would help us to push improvements in our preparedness for epidemics," he added.

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