Providence Capital, together with approximately 150 institutional investors, supports the initiative for a fair and equitable distribution of the COVID-19 vaccines. Of the approximately 128 million vaccine doses administered to date, 75% have been administered in 10 countries. There are still 130 countries with a total of 2.5 billion inhabitants where no dose has yet been administered. If the virus is not combated in so many countries, the loss of human life is twice as high and there is a huge loss of prosperity.
More details on support for the Access to Medicine Foundation initiative are below.
At launch announcement, February 23, 2021
Today, almost 150 institutional investors, which together manage or advise assets worth more than USD 14 trillion, have issued a call for a fair and equitable global response to the pandemic. In a joint statement coordinated by the @Access to Medicine Foundation, signatories set out three actions to mitigate risks posed by new virus strains and by the funding shortfalls and production gaps that prevent billions of people from receiving COVID-19 tools.
In the statement, institutional investors pledge the strongest support for the ACT Accelerator from the global financial community to date. The signatories also commit to playing their own part through working with the Access to Medicine Foundation to engage with healthcare companies and recommend that governments and international organisations explore the feasibility of innovative finance mechanisms for national and global COVID-19 responses.
The initiative builds on the outcomes of the first virtual meeting of G7 leaders last week, where G7 members announced over US$4.3 billion of new investments into the ACT Accelerator and paves the way for a series of G7 and G20 meetings in the coming months, following the creation of the G20 High-Level Independent Panel on financing the Global Commons for Pandemic Preparedness and Response. Read the full statement here: Statement