As the emergency phase of the COVID-19 pandemic draws to a close, the COVAX initiative, run by Gavi, the WHO, and CEPI, reportedly has $2.6 billion left over that could be used to prepare for other pandemics or to support vaccine manufacturing in Africa.
The initiative will conclude at the end of this year, but some of its work will continue.
Around $600 million was allocated as part of a "contingency" fund in case the pandemic escalated again, Reuters reported. The remaining $2 billion was refunded by drugmakers from deals agreed for vaccines during the pandemic peak.
Approximately $700 million is likely to be used for an ongoing COVID-19 vaccination program in countries supported by Gavi for 2024 and 2025. Another portion of the money will be used for booster shots this year and next.
The donors, including countries like the U.S. and Germany and philanthropic organizations like the Bill and Melinda Gates Foundation, have been asked if they want the rest of the money back, but none did.
One option is to use the remaining funds for wider pandemic preparedness initiatives or to boost vaccine manufacturing in Africa.
Gavi is proposing a financial support system to help new manufacturers bring products to market competitively, particularly for diseases like cholera or yellow fever.
Gavi's incoming CEO, Muhammad Ali Pate, will not be joining the organization, and David Marlow will serve as interim CEO after Seth Berkley steps down in August.