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 $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 $1.7 billion in new sovereign donor pledges towards the 2022 AMC fundraising ask, as well as $2.1 billion worth of commitments via new innovative financial mechanisms provided by the EIB and the US Development Finance Corporation (DFC), and least $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 $500 million
- Germany, co-host of today’s Break COVID Now Summit, pledged €400 million
- Canada pledged CAD 220 million
- Brazil pledged $86.7 million
- European Commission €75 million
- Australia pledged AUD 85 million
- Finland pledged €2 million
- Iceland pledged 250 million Icelandic krona to Gavi for the COVAX AMC
- Luxembourg pledged €1 million
- Vietnam pledged $500,000
- Regional Government of Catalonia, Spain – €290’000
- Provincial Council of Bizkaia, Spain – €100’000
- Estonia pledged €40,000
- Malta pledged €40,000
- Workday Foundation pledged $300,000
- CODE(RED) Campaign pledged $200,000
- Other donors also pledged a total of $122.6 million
The pledges made, build on top of the commitments made at the 2022 One World Protected event, which launched the 2022 AMC Investment Opportunity on January 19.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 make an announcement 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 vaccine to lower income countries to date and disbursing more than $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 €1 billion in front-loaded EIB financing in support of the Gavi COVAX AMC, bringing its total commitment to-date to €1.9 billion.
- Gavi and the US Development Finance Corporation (DFC) announced the new COVAX Rapid Financing Facility, which will make up to $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 $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.
Olaf Scholz, Federal Chancellor, 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.”
Nana Addo Dankwa Akufo-Addo, President, 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.”
Joko Widodo, President, 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.”
Macky Sall, President, The Republic of Senegal and Chairperson, 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, Gavi.