On February 19, 2021, at the virtual G7 leaders' meeting, US$4.3 billion in new commitments were made to the Access to COVID-19 Tools Accelerator (ACT-A) and its vaccine pillar, COVAX, to contribute to closing the funding gap in global COVID-19 response and ensure equitable vaccine distribution.
The contributions included the following:
- Canada committed US$59 million to ACT-A;
- Japan committed US$79 million to the COVAX Advance Market Commitment (AMC), a COVAX funding mechanism to support access to vaccines for lower-income countries, as well as to Unitaid;
- Germany committed US$1.8 billion to ACT-A, covering all of ACT-A's pillars and including "tests, treatments, vaccines, and health systems strengthening";
- US committed US$4.0 billion to COVAX AMC (US$2.0 billion in already appropriated funds and an additional US$2.0 billion over the next two years); and
- The EU committed US$363 million to COVAX AMC, along with a US$242 million loan from the European Investment Bank backed by guarantees through the European Fund for Sustainable Development.
ACT-A initially needed US$38.1 billion for 2020-2021; following an early February Facilitation Council meeting, ACT-A announced that the remaining funding gap was US$27.2 billion.
Following the new contributions announced at the G7 meeting, the total committed to ACT-A to date was US$10.3 billion and the funding gap was brought down to US$22.9 billion, according to the WHO press release.