At the G7 Early Leaders’ Summit on 19 February 2021 country leaders announced additional funding commitments of over US$6 billion for COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator. New contributions included:
- The European Commission announced an additional EUR 500m pledge to the Gavi COVAX Advanced Market Commitment (AMC) facility, which includes EUR 300m in grant funding and EUR 200m in guarantees through the European Investment Bank (EIB).
- Germany committed EUR 1.5 billion to the ACT Accelerator, including EUR 980m for COVAX and EUR 520m to be allocated to vaccine research, therapeutics, diagnostics, and the strengthening of health systems.
- The United States committed US$ 2 billion for COVAX in 2021, and an additional US$ 2 billion for the next two years.
Other countries that recently committed additional funding for the GAVI COVAX AMC include Belgium (EUR 4m), Canada (US$ 59m), Iceland (ISK250m), Japan (US$ 70m), Ireland (EUR 4m), Luxembourg (EUR 1m), the Netherlands (EUR 25m) and Sweden (SEK100m).
An illustration of the use of this funding is the delivery of 600,000 vaccine doses in Ghana, the first African country to receive a vaccines shipment via the COVAX facility, on 24 February 2021. This marks the beginning of the long process to deliver at least 2 billion doses to 92 lower income countries in 2021. However, the funding gap for the Access to COVID-19 Tools (ACT) Accelerator still remains over US$ 20 billion according to the Urgent Priorities & Financing Requirements report published in November 2020.
For more information see our COVID-19 Health Funding Tracker.
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