The path for Nigeria and other lower-middle-income and low-income countries to access COVID-19 vaccines expanded Tuesday as the European Investment Bank agreed to give €400 million of financing to support their participation in COVAX Advance Market Commitment (COVAX AMC).
COVAX is a facility initiated by the World Health Organisation (WHO) to pool funding to invest in the production and the most diverse portfolio of promising COVID-19 candidates.
Its design is to ensure that the world’s poorest countries get access to COVID-19 vaccines regardless of financial constraints.
For wealthier countries financing it, the COVAX facility serves an insurance policy that increases their chances of securing the COVID-19 vaccine doses they need for their citizens.
Seth Berkley, CEO of Gavi, the Vaccine Alliance, coordinator of the scheme said the contribution is a huge boost to ensure equitable distribution of the vaccines points of need.
However, an additional US$5 billion will be required by 2021 to implement the objectives of COVAX.
“This vital funding from the European Commission and the European Investment Bank ensures that lower-income economies are not left behind when a safe and effective COVID-19 vaccine is available. Team Europe’s support will play a vital role in ending the acute phase of this pandemic.” Berkley said.
Read also: African leaders must urge G20 to stop Covid-19 vaccines apartheid to save our world
The support builds on existing agreements between the European Union and partner countries across Africa, Asia, the Caribbean and Pacific, as well as the eastern and southern neighbourhood, under the European Fund for Sustainable Development.
As of October, roughly US$958 million in commitments were made by the United Kingdom, Canada, Germany, Italy and Sweden, raising the amount raised to nearly US$ 1.7 billion for the vaccines.
The urgent fundraising earlier asked for the COVAX is US$ 2 billion by the end of 2020 to reserve and access 1 billion doses for AMC-eligible economies, with at least US$ 5 billion needed in 2021 to procure doses as they come through the portfolio.
The United Kingdom pledged up to US$ 640 million to the programme, including £1 in matched funding for every $4 committed by others, to an amount up to £250 million.
This is in addition to an earlier US$ 61 million pledged by the United Kingdom for the COVAX AMC at the Global Vaccine Summit on June 4, bringing the total contribution to US$ 701 million.
Canada pledged US$ 166 million, in addition to the US$ 25 million pledged by Canada for the COVAX AMC at the Global Vaccine Summit on June 4, bringing its total contribution to US$ 191 million.
Germany confirmed that the US$ 120 million pledged at the Global Vaccine Summit on June 4, as special funds for Gavi to combat COVID-19, will go towards the Gavi COVAX AMC.
Italy pledged a total contribution to US$ 102 million. Sweden pledged US$ 12 million to the Gavi COVAX AMC.
Vaccines are expected to be procured and delivered by the United Nations Children’s Fund (UNICEF) and the Pan-American Health Organisation (PAHO) on behalf of COVAX.
Nigeria is looking to receive the vaccines promised 20 percent of each country’s population.
Osagie Ehanire, the minister of Health said a technical working group led by the National Primary Health Development Agency was working on the evaluation of prospective vaccines and Nigeria’s vaccine needs.
If the plan is achieved, Nigeria’s health workers at the forefront of the fight against COVID-19 will be first in line for vaccination, followed by the aged ones with underlying conditions.
