Covid-19
In a new Covax-World Bank plan, about 92 participating countries will have greater visibility of the available vaccines, quantities, and their set delivery schedules, enabling them to secure doses earlier and prepare their vaccination plans better.

The UN-backed vaccine sharing platform COVAX and the World Bank have agreed to accelerate COVID-19 dose supply for roughly 430 million people in developing countries.

The move will allow about 92 low- and middle-income countries to buy doses beyond the fully donor-subsidized supplies they are receiving from COVAX.

Further, the deal will see COVAX make advance purchases from vaccine makers based on demand across countries using financing from the World Bank and other financiers.

The participating developing countries will have greater visibility of the available vaccines, quantities, and their set delivery schedules, enabling them to secure doses earlier and prepare their vaccination plans better.

“This important and timely financing mechanism, made possible now by the World Bank and Gavi teaming up on the Advance Market Commitment (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.

“As we move beyond initial targets and work to support countries’ efforts to protect increasingly large portions of their populations, World Bank financing will help us advance further towards our goal of bringing COVID-19 under control.”

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The new plan brings together COVAX’s ability to negotiate advance purchase deals with vaccine makers with the World Bank’s ability to provide predictable financing to countries for vaccine purchase, deployment, and broader health systems investments.

“Accessing vaccines remains the single greatest challenge that developing countries face in protecting their people from the health, social, and economic impacts of the COVID-19 pandemic,” said World Bank Group President David Malpass.

“This mechanism will enable new supplies and allow countries to speed up the purchase of vaccines. It will also provide transparency about vaccine availability, prices, and delivery schedules. This is crucial information as governments implement their vaccination plans.”

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 at competitive prices.

Under the cost-sharing arrangement for AMC, 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.

There will be several supply offerings where countries will have the opportunity to select and commit to procuring specific vaccines that align with their preferences.

Since the onset of the pandemic, the World Bank has deployed over $157 billion to fight the health, economic, and social impacts of the pandemic, the fastest and largest crisis response in its history.

The financing is helping more than 100 countries strengthen pandemic preparedness, protect the poor and jobs, and jump start a climate-friendly recovery.

The bank is also supporting over 50 low- and middle-income countries, more than half of which are in Africa, with the purchase and deployment of COVID-19 vaccines, and is making available $20 billion in financing for this purpose until the end of 2022.

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