The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
ESG

Citi, Covid and Covax: Vaccine finance a year on

A year on from being named financial adviser to Covax, a global alliance set up to deliver two billion pandemic vaccine doses to low-income countries, Citi bankers tell Euromoney about lessons learned, what has been achieved – and if Covax is a success or not.

First shipment of U.S. donated COVID-19 vaccines arrives in Addis Ababa
Photo: Reuters

On November 2, 2020, vaccines alliance Gavi, a public-private health partnership based in Geneva, named Citi as financial adviser to the Covax Facility.

Launched that April, Covax, a collaboration of global governments, multilaterals and pharmaceutical firms, had a specific remit: to deliver 2 billion doses of pandemic vaccines to Covid-hit lower-income countries by the end of 2021.

With that deadline fast approaching, it’s a good time to ask a few salient questions. Notably: how successful has Covax been; what lessons were learned; and what role has Citi played in the financial strategy and keeping the project on track?

The plan

When Covax was launched, the world was reeling from the first wave of the coronavirus pandemic.

Vaccines seemed a long way off, but global authorities knew that they would arrive. And when that happened, the world would need an equitable system that ensured a reliable and steady flow of doses to poorer countries.

The facility’s main source of strength was its bargaining power. With backing from Unicef, the World Health Organization and 94 higher-income countries, it aimed to cast its net wide: to secure as many shots of as many approved vaccines as possible, then deliver them fast.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree