Vaccine alliance raises $2 billion to buy Covid-19 shots for poor countries

The funds will allow it to buy an initial billion doses for 92 eligible countries

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.