[Press Release] Rich Nations To Sign $1.5 Billion Vaccine Pact In Italy

from The World Bank

“The Group of Seven (G7) rich countries will sign an agreement on Friday to provide $1.5 billion to develop vaccines for poor countries, the government of Italy, which is among those heading the initiative, said on Tuesday.

The new Advanced Market Commitments for Vaccines program, under the auspices of the G7, is ‘aimed at saving millions of lives in the poorest countries and supporting their economic growth with new methods,’ the Italian economy ministry said. The mechanism involves donor nations making a prior commitment to buy vaccines which are under development at a preferential price once they are launched, thereby creating a demand-led market for new vaccines needed by poor countries.

Italy, Britain, Canada and Norway will announce funding commitments on Friday at a ceremony attended by Italian Economy Minister Tommaso Padoa-Schioppa, Britain's Gordon Brown, Canada's Jim Flaherty and World Bank chief Paul Wolfowitz. Jordan's Queen Rania will preside over the launch and the G7 officials will explain the program in person to Pope Benedict at the Vatican on Friday before traveling to Essen in Germany for the G7 meeting, said the Italian ministry in a statement. …”