Over $4.3B Pledged by G7 in COVID-19 Fight, More Funds Needed

Over $4.3B Pledged by G7 in COVID-19 Fight, More Funds Needed
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G7 leaders have collectively pledged over $4.3 billion to the ACT Accelerator partnership to develop and distribute effective tests, treatments and vaccines globally.

 

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The commitment was made during the Virtual G7 leaders meeting on 19 February 2021, taking the overall amount of the investment to $10.3 billion. The Access to COVID-19 Tools (ACT) Accelerator comprises four pillars: diagnostics, therapeutics, vaccines and health system strengthening. In total, it needs $38.1 billion to fully fund its work in 2021, and with the latest pledge the financing gap has been reduced to $ 22.9 billion.

 

According to the joint statement, G7 leaders committed to “accelerate global vaccine development and deployment; work with industry to increase manufacturing capacity, including through voluntary licensing; improve information sharing, such as on sequencing new variants; and, promote transparent and responsible practices, and vaccine confidence”.

 

The $4.3 billion come from the U.S., Germany, the European Commission, Japan and Canada. Specifically, the countries made the following contributions:

 

The U.S. announced a total of $4 billion in contributions to Gavi, including an initial contribution of $2 billion approved by Congress in December 2020 and a further $2 billion through 2021 and 2022, of which the first $500 million will be made available when existing donor pledges are fulfilled and initial doses are delivered to the recipient countries.

Germany committed €1.5 billion with contributions to all pillars and partners of the ACT Accelerator.

The European Commission’s contribution for the COVAX Advance Market Commitment stood at €300 million ($363 million).

Japan allocated $79 million for the COVAX Advance Market Commitment and UNITAID.

Canada’s pledge accounted for $59 million (CAD 75 million) to the ACT Accelerator.

Additional €200 million ($242 million) were provided in loan guarantees by the European Investment Bank.

In turn, the UK committed to share its vaccine surplus with low- and middle-income countries as previously did Canada, France, Norway and the European Union.

The ACT Accelerator is a framework for collaboration between existing organisation, and its aim is to accelerate the development, production and equitable access to COVID-19 tests, treatments and vaccines. It was launched by the WHO, European Commission, France and The Bill & Melinda Gates Foundation in April 2020. Through the initiative, the global community strives to ensure delivery of more than 2 billion doses of vaccine; medical oxygen; millions of treatment doses; and over 900 million diagnostic tests.

 

Source: WHO

Image credit: Blankstock via iStock

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Published on : Sat, 20 Feb 2021



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COVID-19, World Health Organization (WHO), pandemic prevention, COVID-19 vaccination, COVAX, Gavi, ACT Accelerator, UNITAID, European Investment Bank, COVID-19 treatment Over $4.3B Pledged by G7 in COVID-19 Fight, More Funds Needed

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