DFC to finance up to US$ 1 billion for Gavi COVID-19 vaccine and ancillary supply purchase and delivery
- The new COVAX Rapid Financing Facility, which was announced during the White House COVID-19 Summit, would give the COVAX AMC with the cash it needs to respond to unforeseen risks.
- Gavi will be able to monetize COVAX AMC pledges as soon as they are made by sovereign and private sector donors, allowing for faster and more effective response times.
- DFC’s investment is its largest-ever healthcare project and contributes to the Corporation’s Global Health and Prosperity Initiative, which supports the global response to the COVID-19 pandemic and strengthening health resilience in developing countries.
The US International Development Finance Corporation (DFC) and Gavi, the Vaccine Alliance have partnered to create the COVAX Rapid Financing Facility, which will provide up to $1 billion to developing countries participating in the COVAX Advance Market Commitment (COVAX AMC) to accelerate the purchase and delivery of COVID-19 vaccine and ancillary supplies.
The COVAX Rapid Financing Facility is especially valuable for donors who need to pay Gavi over the next four years for budgetary or other reasons.
The COVID-19 pandemic continues to disproportionately afflict low- and middle-income countries, which lack the financial resources to procure immunizations for underserved people. Health security will remain harmed unless vaccinations and ancillary supplies are more fairly created and distributed throughout the developing world, according to studies, and global health and economic recovery will be delayed. The US$ 1 billion facility will expand COVAX’s capacity to provide many nations with safe, dependable COVID-19 vaccines to assist improve health conditions and boost economic recovery in the aftermath of the pandemic, pending the completion of an agreement between DFC and Gavi.
DFC’s investment is the Corporation’s largest-ever healthcare project, and it supports the Worldwide Health and Prosperity Initiative, which supports the global response to the COVID-19 pandemic as well as increasing health resilience in developing nations. DFC is working to catalyse $5 billion in projects that will strengthen health systems, promote infrastructure development, and increase access to clean water, sanitation, and nutrition through the programme.