The World Health Organization (WHO) approved AstraZeneca's vaccine on Monday, which means the global distribution of 337 million doses – most of it to the world's poorest and most populated nations – can begin.
COVID-19 Vaccines Global Access (COVAX) is the globally-pooled coronavirus vaccine procurement and equitable distribution effort that was set up to secure enough COVID-19 vaccines this year for at least the most vulnerable 20% in every country, rich or poor.
Its first wave of distribution, which is almost entirely reliant on the AstraZeneca vaccine, can now go ahead following the WHO green light.
Since December, dozens of the globe's wealthiest countries have begun vaccination campaigns in a bid to curb the coronavirus pandemic, highlighting worldwide inequalities accessing lifesaving inoculations.
Via COVAX, poorer nations should now start receiving their very first doses from the end of this month.
How COVAX works
Aimed at pooling the risk and rewards, COVAX is inspired by previous mechanisms that facilitated universal and equitable access to pneumococcal and Ebola vaccines.
It guarantees the purchase of a fixed volume of COVID-19 vaccines even before they have been approved for use. COVAX thereby aims to give pharmaceutical companies the confidence to invest in production and ensures vaccines are ready to roll once regulators give the go-ahead.
The intention is to ensure poorer nations can vaccinate too, on the basis that the pandemic will remain a global threat if not tackled worldwide.
Some 198 countries and territories are participating.
For the lower 92, and lower-middle-income economies involved, funding is covered through donations from governments and organizations.
For richer countries, buying into COVAX's bulk purchases operates like a back-up insurance policy for their own direct deals with vaccine producers.
Which vaccines are in?
COVAX has struck agreements with manufacturers for 2 billion vaccine doses in 2021 and has secured options on a further billion.
The deals so far are for: