Aggressive fundraising for COVID has left Gavi with a USD 2 billion credit line

In the spring of 2022, the vaccine alliance Gavi announced it had raised USD 4.8 billion for COVAX, the scheme to provide COVID-19 vaccines to lower-income countries. Almost half was committed by the European Investment Bank and the US Development Finance Corporation. But due to low vaccine demand, this money was never used and it has been repurposed for Gavi’s own programmes, turning Gavi into a financial powerhouse in global health.