A lack of timely financing for purchases of vaccines and other health products impeded the global response to the Covid-19 pandemic. Based on analysis of contract signature and delivery dates in Covid-19 vaccine advance purchase agreements, this paper finds that 60–75 per cent of the delay in vaccine deliveries to low- and middle-income countries is attributable to their signing purchase agreements later than high-income countries, which placed them further behind in the delivery line. A pandemic Advance Commitment Facility with access to a credit line on day-zero of the next pandemic could allow low- and middle-income countries to secure orders earlier, ensuring a much faster and equitable global response than during Covid-19. The paper outlines four options for a financier to absorb some or all of the risk associated with the credit line and discusses how the credit would complement other proposals to strengthen the financing architecture for pandemic preparedness, prevention, and response.

中文翻译：

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为疫苗股权融资：为下一次大流行的零日融资

购买疫苗和其他卫生产品缺乏及时资金阻碍了全球对 Covid-19 大流行的反应。基于对 Covid-19 疫苗预购协议中合同签署和交付日期的分析，本文发现，向低收入和中等收入国家延迟交付疫苗的 60-75% 归因于它们签署采购协议的时间晚于高收入国家，这使它们在交付线上更加落后。在下一次大流行病的第 0 天获得信贷额度的大流行病预先承诺基金可以让低收入和中等收入国家更早地获得订单，从而确保比 Covid-19 期间更快、更公平的全球响应。