The World Bank struck a partnership deal with the African Union on Monday that will pave the way for the bank to finance the purchase of COVID-19 vaccines and support the deployment of the doses.
The money will come from a fund of $12 billion that the bank allocated for vaccine purchases and distribution in lower-income countries. The partnership is meant to fast-track the acquisition of single-shot vaccine doses from Johnson & Johnson on the open market.
“Countries urgently need more pathways for acquiring vaccines that match their needs and have early delivery schedules,” World Bank President David Malpass said in a statement.
The deal was reached following talks between bank officials and finance ministers of AU countries.
Why it matters: The agreement includes financing for doses and the logistics to administer the jabs into people’s arms — both of which are sorely needed across the African continent.
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There are sharp inequalities in global vaccine distribution. While over 2.6 billion doses have been administered globally, UNICEF Executive Director Henrietta Fore said during a webinar Monday that less than 1% of people of low-income countries have received a dose.
The bank itself has faced criticism for not deploying more money more quickly for vaccines. So far, it has approved about a quarter of the $12 billion fund, which was first announced in October.
How it will work: Under the deal, vaccines will be purchased by the African Vaccine Acquisition Task Team — or AVATT — initiative, which was established last year and distributes vaccines based on population size. It is meant to complement COVAX, the global vaccine-sharing initiative.
AVATT already reached a deal in March with J&J on 400 million doses, and despite some safety concerns, the Africa Centres for Disease Control and Prevention has said the benefits of the vaccine far outweigh any health risks.
With funding and through large-scale purchases by the single initiative, the idea is to lower purchasing costs and secure more doses.