Over $1 billion pledged to create 'African vaccine market'

Paris: World leaders, health groups and pharmaceutical firms announced $1.2 billion in funding at a summit Thursday to produce vaccines in Africa, whi...

Paris: World leaders, health groups and pharmaceutical firms announced $1.2 billion in funding at a summit Thursday to produce vaccines in Africa, which is facing numerous health crises including rising cholera outbreaks.

The African Vaccine Manufacturing Accelerator "will be an essential step towards a genuine African vaccine market," French President Emmanuel Macron said at the opening of the summit in the Paris.

Three quarters of this funding will come from Europe, Macron told the summit, which was also attended by leaders from Botswana, Rwanda, Senegal, Ghana, as well as visiting ministers, health groups and pharmaceutical firms.

Germany will contribute $318 billion to the scheme, German Chancellor Olaf Scholz said in a video message.

France put in $100 million and the UK $60 million, while other donors include the United States, Canada, Norway, Japan and the Gates Foundation.