11/14/2014 05:15 EST | Updated 01/14/2015 05:59 EST

World Bank boss says an Ebola emergency fund would create incentive for drug companies

BRISBANE, Australia - World Bank President Jim Yong Kim says a proposed global emergency fund to contain the next Ebola outbreak would also provide an incentive for drug companies to develop vaccines and treatments to fight future pandemics.

As the international response failed to keep pace with the worst outbreak of Ebola in West Africa, Kim last month floated the concept of a global contingency fund that would rapidly respond to future outbreaks by delivering billions of dollars to countries in crisis

Kim said on Friday said many finance ministers and central bank governors have expressed interest in the plan. Kim is in the Australian city of Brisbane for the weekend G-20 summit of leaders of wealthy and developing countries.

Kim expects to have details of the concept finalized within a year.