Global Technology company TransferWise and an anonymous donor have made significant financial donations to the Vaccine Alliance Gavi’s advance market commitment for COVID-19 vaccines (Gavi COVAX AMC).
COVAX AMC is part of the Gavi-coordinated COVAX facility, which aims to provide guarantees to vaccine manufacturers, and incentivised investments in manufacturing capacity across a broad portfolio of vaccine candidates, managing the risk that most candidates will fail, and to enable equitable global access to a successful vaccine.
The new financial mechanism will support affordable access for developing countries and part of the broader COVAX facility aimed at securing global access to eventual COVID-19 vaccines. These commitments were made at an international pledging summit hosted by the European Commission and non-profit Global Citizen.
The additional funding will develop and universally deploy COVID vaccines, tests and treatments, supporting the work of the Access to COVID-19 tools (ACT) accelerator.
“Gavi's work to ensure future COVID-19 vaccines reach those in greatest need will be critical to ending this pandemic,” said Taavet Hinrikus, co-founder and chairman of TransferWise. “While we can’t offer health expertise, we can help make sure those working to find a vaccine get the maximum amount of money from supporters”.