by Linda Straker
- Covid-19 vaccine supply for developing countries accelerated through new financing mechanism
- New mechanism will mitigate risks and uncertainties in country demand and financing ability
- AMC countries can purchase doses beyond fully donor-subsidised doses already received from COVAX
Grenada is one of the low and or middle-income countries that could benefit from a World Bank new financing mechanism to accept in the purchasing of Covid-19 vaccines.
COVAX and the World Bank will accelerate Covid-19 vaccine supply for developing countries through a new financing mechanism that builds on the newly designed AMC (Advance Market Commitment) cost-sharing arrangement by Gavi, the Vaccine Alliance. This allows AMC countries to purchase doses beyond the fully donor-subsidised doses they are already receiving from COVAX.
“COVAX will now be able to make advance purchases from vaccine manufacturers based on aggregated demand across countries, using financing from the World Bank and other multilateral development banks,” said a news release from the World Bank.
“Participating developing countries will have greater visibility of available vaccines, quantities available, and future delivery schedules, enabling them to secure doses earlier, and prepare and implement vaccination plans more effectively,” the release explains.
“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,” said Dr Seth Berkley CEO Gavi, the Vaccine Alliance.
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.
“The new mechanism will mitigate risks and uncertainties in-country demand and financing ability,” said the release.
Countries with approved World Bank vaccine projects that confirm the purchase of additional doses through COVAX will agree with COVAX on the number of doses of a specific vaccine as well as related windows of delivery. On receiving a request from the country, the World Bank will provide COVAX a payment confirmation, allowing COVAX to make advance purchases of large amounts of vaccine doses with manufacturers at competitive prices.
Under the cost-sharing arrangement for AMC countries (92 low- and middle-income countries), 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.
COVAX is co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, the Vaccine Alliance, and the World Health Organisation (WHO). The World Bank and COVAX will work in partnership with UNICEF and the PAHO Revolving Fund as key implementing partners to ensure safe vaccine delivery and supply of materials such as syringes, safety boxes, and other items essential for vaccination campaigns.
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