Asia Pacific Vaccine Access Facility(APVAX)

News: Asian Development Bank(ADB) has launched a $9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility (APVAX).

Facts:

  • Aim: To offer rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines.
  • Criteria: If a country has to obtain finances under APVAX, then it should fulfil one of the three criteria:
    • It must be procured through COVAX.
    • It should be prequalified by World Health Organization
    • It should be authorised by a stringent regulatory authority.

Additional Facts:

  • COVAX: It is an alliance co-led by Gavi, the Coalition for Epidemic Preparedness Innovations(CEPI) and WHO.It aims to accelerate the development and manufacture of COVID-19 vaccines and to guarantee fair and equitable access for every country in the world.
  • Asian Development Bank(ADB): It is a regional development bank established in 1966 to promote social and economic development in Asia.
    • Members: 68 members, of which 48 are from within Asia and the Pacific and 19 outside.
    • Headquarters: Manila, Philippines.
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