Afreximbank 'ready to raise up to $5bnn for Covid-19 vaccines for Africa'

By Russel Padmore

The African Export-Import Bank (Afreximbank) is ready to raise up to $5bn (£3.8bn) to purchase Covid-19 vaccines for African countries, the head of the continent’s disease control body is quoted as saying by Reuters news agency.

Any funds raised by Afreximbank could be injected into the Covax vaccines procurement pool, led by the World Health Organization, or spent directly with drugs makers to get vaccines.

It comes as debate continues about how countries will cover the cost of securing any successful vaccines developed against coronavirus.

The Covax project previously revealed it will secure doses for less than 10% of the continent's population.

Rich countries are spending billions to help pharmaceutical companies develop vaccines, but in return they are getting guaranteed supplies.

This article originally appeared on BBC News

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