HomeNewsHumanitarian NewsWorld leaders commit US$4.8 billion to help Break COVID Now

World leaders commit US$4.8 billion to help Break COVID Now

  • April 11, 2022
  • Posted by: humanitarianweb
  • Category: Humanitarian News
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The 2022 Break COVID Now Summit, co-hosted by Gavi, the Vaccine Alliance alongside the governments of Germany, Ghana, Indonesia and Senegal saw world leaders come together to reaffirm support for equitable access to COVID-19 vaccines and acting urgently to break COVID now.

With Germany, Indonesia and Senegal holding Presidencies in the G7, G20 and AU respectively, the Summit represented an affirmation of the international community’s support for COVAX’s multilateral approach to vaccine equity. The event also successfully secured commitments valued at US$ 4.8 billion for the Gavi COVAX Advance Market Commitment (AMC), the mechanism which supports equitable access to COVID-19 vaccines for lower-income countries.

These commitments mean a total of US$ 1.7 billion in new sovereign donor pledges towards the 2022 AMC fundraising ask, as well as US$ 2.1 billion worth of commitments via new innovative financial mechanisms provided by the EIB and the United States Development Finance Corporation (DFC), and least US$ 1 billion made available by three multilateral development banks (MDBs) — World Bank, Asian Development Bank and European Investment Bank (EIB).

The commitments made will enable COVAX to provide urgent delivery support for lower-income countries and ensure dose donations can be shipped and administered. They have also enabled Gavi to launch the Pandemic Vaccine Pool to support future procurement of new COVID-19 vaccines, on behalf of COVAX AMC participants, should they be needed. Commitments from MDBs enable low-cost financing for these countries to purchase additional vaccines beyond those that are donor-funded.

NEW DONOR COMMITMENTS MADE TO THE GAVI COVAX AMC INCLUDE:

  • Japan, co-host of the 2021 AMC Summit, pledged US$ 500 million
  • Germany, co-host of today’s Break COVID Now Summit, pledged EUR 400 million
  • Canada pledged CAD 220 million
  • Brazil pledged US$ 86.7 million
  • European Commission EUR 75 million
  • Australia pledged AUD 85 million
  • Finland pledged EUR 2 million
  • Iceland pledged ISK 250 million
  • Luxembourg pledged EUR 1 million
  • Vietnam pledged US$ 500,000
  • Regional Government of Catalonia, Spain pledged EUR 290’000
  • Provincial Council of Bizkaia, Spain pledged EUR 100’000
  • Estonia pledged EUR 40,000
  • Malta pledged EUR 40,000
  • Workday Foundation pledged US$ 300,000
  • CODE(RED) Campaign pledged US$ 200,000
  • Other donors also pledged a total of US$ 122.6 million

The pledges made today build on top of the commitments made at the 2022 One World Protected event, which launched the 2022 AMC Investment Opportunity on 19 January.

A number of countries and groups expressed intention to make additional contributions to COVAX, including in support of the Pandemic Vaccine Pool, but were unable to announce today due to their budgetary processes and the short timeline of this emergency appeal.

“We welcome this incredible show of global solidarity from so many stakeholders at a time when the world faces multiple challenges and extend thanks to all those who participated — particularly our co-hosts for helping galvanise international support,” said Prof. José Manuel Barroso, Gavi Board Chair. “This pandemic is not over: while gaps in coverage remain, it will continue to wreak havoc on individuals, communities, and economies. Achieving equity is the key to breaking COVID now. We cannot afford to wait and risk the virus undoing all the progress that has been made.”

Thanks to support from its donors, COVAX has been able to build the world’s most diverse portfolio of COVID-19 vaccines, shipping more than 1.2 billion doses of COVID-19 vaccines to lower-income countries to date and disbursing more than US$ 600 million in delivery support.

Funding for delivery support and ancillaries is urgently needed to help close the vaccine equity gap by helping countries more rapidly reach their national vaccine coverage targets. The Pandemic Vaccine Pool is an instrument aimed at securing equitable access to new vaccines in the future, such as variant-adapted vaccines, by ensuring resources are on hand to make instant down payments should the need arise.

Gavi and its partners announced several new innovative finance initiatives:

  • The EIB committed an additional EUR 1 billion in front-loaded financing in support of the Gavi COVAX AMC.
  • Gavi and the United States Development Finance Corporation (DFC) announced the new COVAX Rapid Financing Facility, which will make up to US$ 1 billion available to allow Gavi to rapidly monetise pledges to the COVAX AMC, maximising the impact of these pledges by minimising waiting time for the corresponding funding to be made available.
  • In partnership with MedAcess and the Open Society Foundations, a US$ 200m risk-sharing facility that will help countries access funds rapidly should they wish to procure additional vaccines at COVAX-negotiated prices through a cost-sharing mechanism.

H.E. Olaf Scholz, Federal Chancellor of Germany and G7 President, said: “The global fight against the pandemic will be high on the agenda of the German G7 presidency. It’s important not just to look after ourselves, but to ensure that the rest of the world is vaccinated too.”

H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, said: “The world finds itself in a favourable position thanks to COVAX and the collective efforts of the international community under the leadership of the Chair of the Gavi Board, José Manuel Barroso. In spite of this, many people still remain unvaccinated and unprotected and in the event of another wave of infections or a mutation of the virus these people will be at great risk. We therefore need to renew our commitment to support lower-income countries and support national COVID-19 vaccine objectives.”

H.E. Joko Widodo, President of the Republic of Indonesia and G20 President, said: “Global Health Architecture needs to be transformed to become faster, more responsive, and more resilient. This is in line with the priority of Indonesia’s Presidency in G20. Therefore, I would like to extend my support for COVAX’s new funding initiative for 2022, including the launch of the Pandemic Vaccine Pool today. We need to turn “vaccines” into “vaccinations”. Support in capacity building and funding is key for us to recover from this pandemic and to deal with upcoming pandemics. Recover together… Recover stronger.”

H.E. Macky Sall, President, Republic of Senegal and Chairperson of the African Union, said: “Gavi deserves to be supported as an essential pillar of international solidarity for immunisation. That is why, in my capacity as President of the Republic of Senegal and current Chairperson of the African Union, I call on all countries, all institutions, all partners to contribute to the replenishment of COVAX resources.”

“Equity has always been the key target for COVAX. Today’s outcome means that we can finally address equity in terms of coverage by helping close today’s vaccine equity gap and also in terms of access, by ensuring equity of access in the future. The commitment to multilateralism we saw today will continue to inspire us in our efforts to make people safe everywhere,” said Dr Seth Berkley, CEO of Gavi, the Vaccine Alliance.

DONOR AND PARTNER QUOTES

The Rt. Hon. Justin Trudeau, Prime Minister of Canada: “The work we are doing — together with the COVAX Facility and all ACT-Accelerator Pillars — is the best way to get vaccines to countries who need them most, and beat this pandemic. I have been inspired by the generosity this pandemic has shown in us all. So, let’s continue on that path as we support our health systems, promote economic recovery, and eliminate the threat of COVID-19.”

H.E. Fumio Kishida, Prime Minister, Japan: “Today, as a further contribution for robustly supporting the achievement of equitable access to vaccines, taking into account the circumstances surrounding this replenishment and relevant efforts, Japan hereby pledges to contribute up to 500 million USD to COVAX in addition to the contribution of 1 billion dollars that it has already disbursed. In order to deliver vaccines to every corner of the world, Japan will continue providing tailor-made support based on the needs of each country under the principle of human security.”

Dr Silvia Lutucuta, Minister of Health, Angola: “The threat of disruption to the global vaccine supply remains, as does the risk of new and potentially more dangerous variants emerging. I am calling on governments and donors to support COVAX to prevent countries like mine from falling behind in their vaccination efforts.”

Dr Werner Hoyer, President, European Investment Bank (EIB): “Accelerated access to innovative financing is critical to enable an effective response to the pandemic worldwide. As part of Team Europe, the EIB is putting together a new EUR 1 billion package to provide Gavi with the financial power and flexibility that is needed during an evolving pandemic.”

Scott Nathan, CEO of the United States International Development Finance Corporation (DFC): “DFC’s billion-dollar Rapid Financing Facility with Gavi will enable faster COVID vaccine purchase and delivery for lower-income countries, including of variant-adapted vaccines to respond to future shocks and surprises. It will allow Gavi to monetise pledges made to COVAX as soon as donors make them, for more immediate response times.”

**Dr Richard Hatchett, CEO of the Coalition for Epidemic Preparedness Innovations (CEPI) **[COVAX co-lead]: “It is clear that the pandemic is far from over, so there must be no room for complacency: Ending the pandemic globally must continue to be a priority. COVAX has proven its ability to get vaccines to those who need them. Now it urgently needs support to accelerate vaccinations in the global south, and to prepare for what the virus may throw at us next. Our collective global health security depends upon it.”

**Dr Tedros Adhanom Ghebreyesus, WHO Director-General **[COVAX co-lead]: “The COVID-19 pandemic is far from over. Transmission remains high, and vaccine coverage remains too low in too many countries. We can only end the acute phase of the pandemic by supporting all countries to vaccinate 70% of their populations, with priority given to health workers, older people and other at-risk groups. Investments in COVAX are not simply investments in vaccines. They’re investments in equity, in solidarity, in an inclusive global recovery, and a healthier, safer, fairer future for all of us.”

Notes to editors

About COVAX

COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, is co-led by CEPI, Gavi, WHO and UNICEF — working in partnership with developed and developing country vaccine manufacturers, PAHO, the World Bank, and others. It is the only global initiative that is working with governments and manufacturers to ensure COVID-19 vaccines are available worldwide to both high-income and lower-income countries.

Gavi’s role in COVAX

Gavi leads on procurement and delivery at scale for COVAX: designing and managing the COVAX Facilityand the Gavi COVAX AMC and working with its traditional Alliance partners UNICEF and WHO, along with governments, on country readiness and delivery. As part of this role, Gavi hosts the Office of the COVAX Facility to coordinate the operation and governance of the mechanism as a whole, holds financial and legal relationships with 193 Facility participants, and manages the COVAX Facility deals portfolio: negotiating advance purchase agreements with manufacturers of promising vaccine candidates to secure doses on behalf of all COVAX Facility participants. Gavi also coordinates design, operationalisation and fundraising for the Gavi COVAX AMC, the mechanism that provides access to donor-funded doses of vaccine to 92 lower-income economies. As part of this work, Gavi provides funding and oversight for UNICEF procurement and delivery of vaccines to all AMC participants — operationalising the advance purchase agreements between Gavi and manufacturers — as well as support for partners’ and governments work on readiness and delivery. This includes tailored support to governments, UNICEF, WHO and other partners for cold chain equipment, technical assistance, syringes, vehicles, and other aspects of the vastly complex logistical operation for delivery. Gavi also co-designed, raises funds for and supports the operationalisation of the AMC’s no-fault compensation mechanism as well as the COVAX Humanitarian Buffer.

About Gavi, the Vaccine Alliance

Gavi, the Vaccine Alliance is a public-private partnership that helps vaccinate half the world’s children against some of the world’s deadliest diseases. Since its inception in 2000, Gavi has helped to immunise a whole generation — over 888 million children — and prevented more than 15 million future deaths, helping to halve child mortality in 73 lower-income countries. Gavi also plays a key role in improving global health security by supporting health systems as well as funding global stockpiles for Ebola, cholera, meningitis and yellow fever vaccines. After two decades of progress, Gavi is now focused on protecting the next generation and reaching zero dose children remaining deprived of even a single vaccine shot still being left behind, employing innovative finance and the latest technology — from drones to biometrics — to save millions more lives, prevent outbreaks before they can spread and help countries on the road to self-sufficiency. Learn more at www.gavi.org and connect with us on Facebook and Twitter.

Gavi is a co-convener of COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, together with the Coalition for Epidemic Preparedness Innovations (CEPI) and the World Health Organization (WHO). In its role Gavi is focused on procurement and delivery for COVAX: coordinating the design, implementation and administration of the COVAX Facility and the Gavi COVAX AMC and working with its Alliance partners UNICEF and WHO, along with governments, on country readiness and delivery.

The Vaccine Alliance brings together developing country and donor governments, the World Health Organization, UNICEF, the World Bank, the vaccine industry, technical agencies, civil society, the Bill & Melinda Gates Foundation and other private sector partners. View the full list of donor governments and other leading organizations that fund Gavi’s work here.



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