Asia-Pacific Vaccine Access Facility, APVAX
The Asian Development Bank recently launched Asia Pacific Vaccine Access Facility to provide equitable support to the developing countries as they procure and deliver vaccines. The bank has allocated 9 billion USD for the scheme.
What is Asia-Pacific Vaccine Access Facility?
It will support developing countries in Asia and will put in efforts to procure vaccines against deadly virus. If a country has to obtain finances under APVAX, then it should fulfil the following criteria
- It must be procured through COVAX.
- It should be prequalified by World Health Organization
- It should be authorised by a stringent regulatory authority.
Previous ADB financial assistance to COVID-19
- The Asian Development Bank earlier approved the 500 million USD vaccine import facility as a part of the trade and supply chain finance programme of the bank
- The bank allocated 1 billion USD to co-finance with the private sectors in importing COVID-19 vaccines
- In April 2020, ADB approved 20 billion USD to support developing countries to address the impacts of COVID-19 pandemic and deliver quick assistance.
- The bank committed to 14.9 billion USD of loans to support the COVID-19 Pandemic Response Option.
- In November 2020, ADB announced 20.3 million USD of technical assistance to establish systems that will enable efficient and equitable distribution of vaccines.
What is COVAX?
COVAX is one of the three pillars of the ACT Accelerator launched by World Health Organization. The COVAX facility aims to make sure that all the people in the world will get equal access to COVID-19 vaccine. The initial aim of the facility is to ensure that two billion doses are available by the end of 2021. It is co-led by GAVI (Global Alliance for Vaccines and Immunisation) and Coalition for Epidemic Preparedness Innovations (CEPI).
It is a framework of collaboration that aims to accelerate production, development and equitable access to COVID-19 vaccine. The ACT Accelerator was launched by WHO, France and European Commission. It is built on three main pillars namely Therapeutics, Vaccines(COVAX ) and Diagnostics.
Category: International Current Affairs