COVID-19 has taken its toll in every region, every country and every community. The accessibility of vaccines and therapeutics are not ubiquitous across the globe, leaving vulnerable populations disadvantaged. Mastercard today announced a commitment of $25 million to help secure equitable access to and distribution of vaccines across the world.
Today’s philanthropic commitment builds on the Mastercard’s support of the global health response to the pandemic through technology, data resources, philanthropic grants, fundraising as well as people to drive an inclusive recovery.
Mastercard is partnering with Global Citizen to support its VAX Live campaign and the ‘VAX LIVE: The Concert to Reunite the World,’ as part of a global broadcast and streaming special airing on May 8. The goals of VAX LIVE are to help get the COVID-19 vaccines to everyone, everywhere and to inspire vaccine confidence worldwide.
To help ensure equitable access to the vaccines, Global Citizen has engaged the private sector to raise critical funds for the Gavi-administered vaccine-sharing program COVAX AMC. Mastercard is also encouraging consumers to get involved, incentivizing participation by matching donations made through the Mastercard donation platform, up to $4 million via the Mastercard Impact Fund. Donations made with a Citi Mastercard will be double matched through May 16, up to $1 million. Click here for more details and eligible time period.
“The pandemic remains a global health and economic challenge that will only be solved if we take collective action,” said Michael Froman, vice chairman and president of Strategic Growth for Mastercard. “Mastercard remains committed to supporting the health and well-being of individuals and rebuilding an inclusive and sustainable economy for everyone, everywhere.”
Viewers contributions’ made during VAX LIVE will be enabled through the Mastercard Donate ecosystem, a suite of digital giving solutions that allows people to give to causes in ways that fit seamlessly into their lives, whether that’s shopping online, paying at the point of sale, withdrawing money from an ATM, or when using a mobile banking app.
This commitment is part of Mastercard’s COVID-19 global health response, which has included providing digital solutions like Wellness Pass to support the delivery of health services and the digitization of vaccine records. Mastercard was also a founding partner of the COVID-19 Therapeutics Accelerator and is investing up to $25 million to speed up the identification, assessment, development, and scaling of treatments.
“These new commitments build on a well-established partnership between Mastercard and Gavi to expand equitable access to vaccines by leveraging state-of-the-art technology,” said Marie-Ange Saraka-Yao, Managing Director of Resource Mobilization, Private Sector Partnerships & Innovative Finance, Gavi, the Vaccine Alliance. “The COVID-19 pandemic has shown that even the strongest health systems are vulnerable under the strain of a pandemic. The private sector has a critical role to play in forging strong and resilient health systems and communities, and Gavi is grateful to Mastercard for doing its part to help the world build back better.”
Citi, a Mastercard and Global Citizen partner, has provided key support to Gavi, the Vaccine Alliance as the financial advisor providing advice on credit, liquidity, and operational and contractual risks, including planning and execution of mitigation strategies. More than two dozen Citi colleagues have been providing comprehensive advice to ensure that Gavi accomplishes its mission of delivering two billion vaccines to 190 countries before the end of 2021.