A facility set up by the World Health Organization (WHO) and the GAVI vaccine group to buy and distribute Covid-19 shots for poorer countries has exceeded an interim target of raising more than $2 billion.
The GAVI alliance said on Friday that the funds for a so-called advance market commitment (AMC) will allow it to buy an initial one billion vaccine doses for 92 eligible countries.
Another $5 billion is needed in 2021, however, to procure Covid-19 vaccine doses as they come through development and are approved by regulators, it said in a statement.
Contributions so far have come from donors including states, the private sector and philanthropic sources, GAVI said.
"This funding will allow COVAX AMC to reserve and access 1 billion doses for AMC-eligible economies," it added.