DFC financing up to $1B for Gavi COVID-19 vaccine supply

The US International Development Finance Corporation (DFC) and Gavi, the Vaccine Alliance have partnered to create the COVAX Rapid Financing Facility, which will provide up to $1 billion to accelerate COVID-19 vaccine and ancillary supply purchase and delivery on behalf of developing countries participating in the COVAX Advance Market Commitment (COVAX AMC). The aim of this new innovative financing instrument is to allow Gavi to monetise sovereign and private sector pledges to the COVAX AMC and consequently maximise impact by minimising waiting time for the funding. This tool will give the COVAX AMC additional liquidity to support the availability of COVID-19 vaccines, including variantadapted doses, in response to risks and shocks, and it will enable COVAX to act quickly to secure access to extra doses. The COVAX Rapid Financing Facility is particularly useful to donors who, due to budgetary or other considerations, wish to make payment to Gavi over the next four years.