Nigeria and 91 other developing countries will benefit from a new COVID-19 vaccine financing mechanism, which is a product of a partnership between the World Bank and COVAX.
The World Bank, in partnership with COVAX, stated that it would accelerate COVID-19 vaccine supply for developing countries through a new financing mechanism that builds on Gavi’s newly designed AMC cost-sharing arrangement.
According to a statement by the bank, this would allow AMC countries to purchase doses beyond the fully donor-subsidised doses they are already receiving from COVAX.
COVAX plans to make available up to 430 million additional doses, or enough to fully vaccinate 250 million people, for delivery between late 2021 and mid-2022.
The scalable mechanism brings together COVAX’s ability to negotiate advance purchase agreements with vaccine manufacturers with the World Bank’s ability to provide predictable financing to countries for vaccine purchase, deployment and broader health systems investments.
Speaking about the mechanism, CEO, Gavi, the Vaccine Alliance, Dr Seth Berkley, said, “This important and timely financing mechanism, made possible now by the World Bank and Gavi teaming up on the AMC cost-sharing arrangement, will allow COVAX to unlock additional doses for low- and middle-income countries.”
World Bank Group President, David Malpass, said,
“This mechanism will enable new supplies and allow countries to speed up the purchase of vaccines.”
The statement added that since the start of the COVID-19 pandemic, the World Bank Group had deployed over $157bn to fight the health, economic, and social impacts of the pandemic, the fastest and largest crisis response in its history.