Public Management

Covid-19: Additional US$4.8 bln support pledges for low-income countries

Covid-19: Additional US$4.8 bln support pledges for low-income countries
Monday, 11 April 2022 14:20

Despite efforts to build vaccine capacity in low-income countries, lack of funding continues to be a major obstacle in the fight against covid-19.

The international community pledges an additional US$4.8 billion to help low-income countries respond to COVID-19. The announcement was made by the Global Vaccine Alliance (Gavi) on Friday, April 8, at the end of a summit organized by Ghana, Senegal, Germany, and Indonesia.

Of the funds, US$1.7 billion was pledged by "sovereign donors" and will be used to cover GAVI's Advance Market Commitment (AMC) for vaccines this year. The European Investment Bank (EIB) and the U.S. International Development Finance Corporation (DFC) will contribute to the tune of US$2.1 billion. Finally, the World Bank, the Asian Development Bank, and the EIB will contribute US$1 billion. More funds will come from countries and institutions that are yet to announce their commitment, the announcement informs.  

The funds will help low-income countries close the vaccine gap, guarantee access to new vaccines and provide additional support to countries planning to acquire vaccines on their own. 

This pandemic is not over: while gaps in coverage remain, it will continue to wreak havoc on individuals, communities, and economies. Achieving equity is the key to breaking COVID now. We cannot afford to wait and risk the virus undoing all the progress that has been made,” asserted Professor José Manuel Barroso (photo), Chairman of GAVI’s board.

This new GAVI initiative should help strengthen Africa’s vaccine capacity. Through its vaccine procurement and distribution mechanism, COVAX, GAVI has already distributed more than 1.2 billion vaccines to underdeveloped countries. The World Health Organization (WHO) announced last February the installation of messenger RNA (mRNA) vaccine production units in six African countries. Enhanced efforts are also being made to boost local vaccine production. 

Jean-Marc Gogbeu

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.