Recovery, Renewal, Resilience

Global distribution of the COVID-19 vaccine is essential to ensure that all lives are protected. As a result of vaccine shortfall, people in many parts of the world may need to wait up to three years to get the vaccine, during which time COVID-19 will continue to mutate and spread. In addition to protecting human life, global distribution of vaccines is required to protect the economy, which could be "deprived of up to 9.2 trillion dollars" if not (International Chamber of Commerce). Low and middle income countries are reliant on the work of COVAX to provide global equitable access to COVID-19 vaccines. However, mobilising the necessary support from donors is a challenge. "Greater public-private sector collaboration is required to ensure rapid and fair distribution". Many private sector companies are looking for ways to support the global vaccination effort but are unsure as to how exactly they can do this. The World Bank advises to consider:

• Aggregate funding to mobilize donors, e.g. introduce a pool fund or matching commitments, which can establish a coordinated approach from public and private donors and increase the number of and size of donations from diverse co-funders
• Establish "concessional financing" to support local businesses to develop and improve their service delivery and supply chains to better meet the needs of local vaccine programmes (e.g. small and medium sized businesses in disadvantaged sectors and locations)
• Introduce "results-based finance to improve accountability and outcomes per dollar spent on the vaccination support, as traditional grant funding is tied to inputs, not achievement of outcomes"