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Biden to commit $4 billion in immediate funding to global vaccine initiative
President Biden will announce Friday that the United States is sending $4 billion to Gavi, The Vaccine Alliance, to support Covax, the global initiative to develop and distribute coronavirus vaccines to lower income countries.
The $4 billion amount includes $2 billion in funding that will go out immediately.
Biden will make the announcement during an appearance at a virtual meeting of Group of Seven (G7) leaders on Friday, according to senior administration officials.
In addition to the $2 billion in immediate assistance, Biden will commit to gradually releasing another $2 billion in funding to Gavi as part of an effort by the U.S. to secure more donor commitments to the vaccine program.