G7 applauds launching of vaccine initiative

    Finance officials from the Group of Seven industrialized nations welcomed the creation of a $1.5 billion program to boost the supply of vaccines that are highly needed in poor countries. The first pilot project of the Advance Market Commitments looks to develop a vaccine against pneumococcus, which causes killer diseases such as pneumonia and meningitis. The G7 described the initiative as “an innovative financing mechanism designed to mobilize private investment in research and development of life-saving vaccines benefiting poor countries.” Nearly 90 percent of the funding will come from Italy, the U.K. and Canada. The U.S. has indicated it will donate small amounts in the future. (Source: G7 Welcomes Launch Of Vaccine Aid Program To Poorer Countries/Dow Jones)

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