GAVI alliance raises $567m to buy COVID-19 vaccines for poor

International donors have pledged $567 million for a financial instrument launched by the GAVI vaccines alliance set up to incentivising vaccine manufacturers to produce sufficient quantities of eventual COVID-19 vaccines, and to ensure access for developing countries.

"Today’s launch moves us one step closer to the essential vision of equitable access for all," said Ngozi Okonjo-Iweala, Chair of the Gavi Board.

"By de-risking the cost of investing in high volumes of manufacturing against an unknown outcome – and making sure those investments are made now – the Gavi Covax AMC increases the likelihood that when we have a successful vaccine or vaccines, it will be available in sufficient quantities and affordable to developing countries," he said.