Policy Update

At Gavi's Global Vaccine Summit, world leaders exceed funding target with historic US$8.8 billion

Representatives of 52 countries, including 35 heads of state, joined the June 5, 2020, Global Vaccine Summit, convened by Gavi, the Vaccine Alliance, to raise a total of US$8.8 billion in financing for childhood immunizations and vaccine infrastructure. World leaders, meeting with representatives of 12 organizations and corporations for the London-based pledging moment, hoped to reach a US$7.4 billion funding target. By the time the pledging ended, the target had been overshot by US$1.4 billion.

Against the backdrop of a still-raging COVID-19 pandemic which has claimed the lives of hundreds of thousands and laid waste to the global economy, attendees of the summit spoke passionately about the need for global cooperation and solidarity in ensuring that a vaccine against the novel coronavirus, once developed, be accessible to all.

The US$8.8 billion will support Gavi's campaign to vaccinate 300 million children in the world's poorest countries against diseases including diphtheria, polio, and measles by 2025. Disruptions to Gavi's regular immunization activities, caused by COVID-19, have endangered an estimated 80 million children under one year old. The funding will also bolster Gavi's efforts in strengthening health systems in low-income states which have been ravaged by the pandemic and will help build out infrastructure to support the eventual provision of a vaccine against the virus.

A further US$567 million was also raised for 'Gavi Advance Market Commitment for COVID-19 Vaccines' (Gavi Covax AMC), a new financing instrument designed to provide access to the eventual COVID-19 vaccine specifically in low- and middle-income countries.

“To beat the COVID-19 pandemic, the world needs more than breakthrough science. It needs breakthrough generosity,” said Bill Gates, co-chair of the Bill & Melinda Gates Foundation. “...When COVID-19 vaccines are ready, this funding and global coordination will ensure that people all over the world will be able to access them.”

Press release - Gavi, the Vaccine Alliance