• Global technology company TransferWise and a donor which asked to remain anonymous made significant financial commitments to Gavi’s Advance Market Commitment for COVID-19 Vaccines (Gavi COVAX AMC)

  • The new financing mechanism to support affordable access for developing countries is part of a broader COVAX Facility aimed at securing global access to eventual COVID-19 vaccines

  • The commitments were made at the Global Goal: Unite for our Future summit, organised by the European Commission and Global Citizen

Geneva, 3 July 2020 – Gavi, the Vaccine Alliance welcomed bold new financial commitments that will help ensure developing countries have access to eventual COVID-19 vaccines. The commitments will be channeled through Gavi’s Advance Market Commitment for COVID-19 Vaccines (Gavi COVAX AMC), a new financing instrument that is part of broader efforts to enable global equitable access to future COVID-19 vaccines by incentivising vaccine manufacturers to make early at-risk investments in manufacturing capacity.

The commitments were made at a high-level summit hosted by the European Commission and the non-profit Global Citizen to mobilise additional funding to develop and universally deploy coronavirus vaccines, tests and treatments. One of the main goals of the summit was to support the work of the Access to COVID-19 Tools (ACT) Accelerator, an unprecedented global collaboration to develop and equitably distribute tests, treatments and vaccines.

TransferWise, a global technology company that specializes in moving money around the world, will waive all fees on donations to Gavi’s COVAX AMC on its money transfer platform, up to a total amount of US$ 7 million.

“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. Ensuring donations can be used fully, and aren’t reduced by hidden foreign exchange fees, means more people across the world can support Gavi’s Advance Market Commitment for COVID-19 Vaccines – regardless of their location or currency.”

“The partnership with TransferWise will enable the public to contribute to the fight against the COVID-19, and illustrates how the private sector can unlock common barriers in global health.” said Dr Seth Berkley, CEO of Gavi, the Vaccine Alliance.

A foundation which asked to remain anonymous also announced a new commitment of CHF 20 million to the Gavi COVAX AMC. The aim of the Gavi COVAX AMC is to make an eventual vaccine or vaccines affordable and available to developing countries. “This generous cash contribution will help ensure that developing countries have access to successful COVID-19 vaccines, and support the global effort to slow and ultimately stop the pandemic.” Berkley added.

The Gavi COVAX AMC is part of the Gavi-coordinated COVAX Facility, which aims to provide demand guarantees to vaccine manufacturers in order to incentivise investments in manufacturing capacity across a broad portfolio of vaccine candidates. These investments will be vital to managing the risk that most vaccine candidates are likely to fail, and to enable global equitable access to a significant supply of a successful vaccine or vaccines. The COVAX Facility is open to all countries that wish to participate.

These efforts are taking place through the COVAX pillar of the ACT Accelerator. Gavi, the Coalition for Epidemic Preparedness Innovations (CEPI) and WHO are working together to invest in research and development (R&D) and vaccine production capacity across several candidate vaccines to maximise chances of success, so that, upon regulatory approval of a successful vaccine, a significant supply of doses can be made available rapidly and allocated equitably in order to immunise high priority groups such as, for example, health care workers.

The COVAX pillar is aiming to provide 2 billion doses by the end of 2021, an effort which will require US$ 18.1 billion in funding – including US$ 11.3 billion in the next 6 months.

Notes to editors

  • Consisting of three pillars – diagnostics, therapeutics and vaccines – Gavi co-leads the vaccines pillar of the ACT Accelerator alongside the Coalition for Epidemic Preparedness Innovations (CEPI) and the World Health Organization (WHO).
  • Within this COVAX pillar, Gavi is responsible for coordinating the COVID-19 Global Vaccine Access Facility (COVAX Facility), the purpose of which is to guarantee access to substantial volumes of vaccines for all countries.
  • In order to ensure vaccine supplies for low-income and lower-middle income countries, Gavi has launched a separate financing mechanism called the Gavi Advance Market Commitment (AMC) for COVID-19 Vaccines. The Gavi COVAX AMC will be funded by official development assistance (ODA), with an initial fundraising target of US$ 2 billion to immunise health care workers and other high-risk individuals, and to create a flexible buffer of doses to be deployed where they are needed most.
  • Read the Gavi COVAX AMC Investment Opportunity here.
  • Read the COVAX pillar backgrounder here.

About Gavi, the Vaccine Alliance

Gavi, the Vaccine Alliance is a public-private partnership that helps vaccinate half the world’s children against some of the world’s deadliest diseases. Since its inception in 2000, Gavi has helped to immunise a whole generation – over 760 million children – and prevented more than 13 million deaths, helping to halve child mortality in 73 developing countries. Gavi also plays a key role in improving global health security by supporting health systems as well as funding global stockpiles for Ebola, cholera, meningitis and yellow fever vaccines. After two decades of progress, Gavi is now focused on protecting the next generation and reaching the unvaccinated children still being left behind, employing innovative finance and the latest technology – from drones to biometrics – to save millions more lives, prevent outbreaks before they can spread and help countries on the road to self-sufficiency. Learn more at www.gavi.org and connect with us on Facebook and Twitter.

The Vaccine Alliance brings together developing country and donor governments, the World Health Organization, UNICEF, the World Bank, the vaccine industry, technical agencies, civil society, the Bill & Melinda Gates Foundation and other private sector partners. View the full list of donor governments and other leading organizations that fund Gavi’s work here.

About TransferWise

TransferWise is a global technology company that’s building the best way to move money around the world. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, TransferWise is on a mission to make your life easier and save you money.

Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s fastest growing tech firms having raised $689m in primary and secondary funding from investors such as Lead Edge, Lone Pine, Vitruvian, IVP, Merian Global Investors, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin from PayPal.

Over eight million people use TransferWise, which processes over £4bn in cross-border payments every month, saving customers over £1 billion a year.

Media Contacts

Wambui Munge
+41 79 226 4256
wmunge@gavi.org

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