Health

US$6 billion of new pledges announced by G7 leaders

February 25, 2021

Global

EIU COVID-19 Health Funding Tracker

February 25, 2021

Global
Anelia Boshnakova

Senior information specialist, Health Policy and Clinical Evidence

Anelia is a senior information specialist and health policy analyst in the Health Policy and Clinical Evidence team. Her areas of expertise are evidence-based medicine and health policy and systems research. Before joining the EIU, Anelia worked as a senior information specialist at Bazian, and previously at University College London Hospitals NHS Foundation Trust. Anelia holds a master’s degree in Library and Information Science from Syracuse University.

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G7 leaders announce additional funding commitments of over US$6 billion for COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator

At the G7 Early Leaders’ Summit on 19 February 2021 country leaders announced additional funding commitments of over US$6 billion for , 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 , 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 report published in November 2020.

 

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