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World leaders commit US$4.8b in new COVID-19 offensive

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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.

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.

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