A record US$8.8-billion was committed on Thursday during a Global Vaccine Summit that was hosted by British Prime Minister Boris Johnson
Dr. Nita Patel, director of antibody discovery and vaccine development, lifts a vial with a potential COVID-19 vaccine, at Novavax labs, in Rockville, Md., on March 20, 2020.More than 30 countries including Canada have committed a record US$8.8-billion to fund a global vaccination organization for the next five years, but they came up short in pledging money for a specific COVID-19 inoculation program.
The money raised at the summit will fund the Global Alliance for Vaccines and Immunization, or Gavi, which was created in 2000 to run vaccination programs for children in developing countries. In total, a record US$8.8-billion was raised on Thursday to cover Gavi for the next five years. Gavi had also made a pitch for a separate US$2-billion fund to buy doses of a future vaccine for COVID-19. However, only US$567-million was raised on Thursday with US$100-million coming from the Gates Foundation. The organization is hoping more money will come in over the next few weeks.
The best way to accelerate production, he added, was for companies to collaborate. “I must say you heard at the summit enormous commitments from the developing country vaccine manufacturers as well as the [multinational] manufacturers, all of whom want to work together to make this a success. So I am optimistic.”
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