DFC and Citi Risk Management Solution Helps Gavi Strengthen the Foundations of the COVAX Facility - Seite 2

Linklaters LLP provided legal counsel to Gavi on the DFC risk management solution.

The COVID-19 pandemic continues to disproportionately affect low- and middle-income countries, which struggle to gain access to COVID vaccines. Studies show that global economic recovery is at risk unless vaccines are more equitably manufactured in and distributed to the developing world. Co-led by Gavi, the Coalition for Epidemic Preparedness Innovations (CEPI), and the World Health Organization (WHO), COVAX aims to provide fair and equitable access to COVID-19 vaccines for every country in the world. Promoting equitable access to safe and effective vaccines globally is not only the right thing to do, but also a smart and protective measure for global health and security.

Under President Biden’s leadership, DFC’s financial tools are driving growth in vaccine manufacturing capacity in multiple regions, with multiple technologies and within large and small countries. Already, DFC’s partnerships with Aspen in South Africa, IPD in Senegal, and Biological E., Ltd. in India are projected to facilitate expansion of manufacturing capacity to nearly 2 billion COVID-19 vaccine doses across the globe by the end of 2022, with more projects in the pipeline.

DFC’s insurance transactions in support of Gavi and COVAX fall under the agency’s Health and Prosperity Initiative, through which DFC aims to catalyze $5 billion of investment in support of global health resilience. The initiative includes a call for proposals from private sector entities seeking DFC support for health-related investments in developing countries, including projects that support the global response to COVID-19.

Today’s COVID-19 Summit is an important milestone in helping drive the momentum the global community needs to succeed in the fight against COVID-19. In the first 9 months of the Biden Administration, DFC has committed nearly $600 million for COVID-related investments, more than four times the agency’s five-year average for all health investments. DFC looks forward to supporting additional future partnerships and projects that will continue to help boost collective global action toward ending the pandemic.

About DFC

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.