The Pandemic Fund

A Message from the Pandemic Fund Co-Chairs

More than 7 million lives were needlessly lost because of the slow global response to COVID-19, and the pandemic wiped out nearly a decade of global progress in improving life expectancy. The pandemic also cost tens of trillions of dollars in economic losses and has led to what the World Bank Group calls “an historic reversal” in economic growth for half of the world’s most vulnerable countries. Countries at all income levels are still contending with the aftershocks of the pandemic.

As the former finance minister for Indonesia and the current health minister for Rwanda, we come from very different countries and perspectives, but as co-chairs we are united against the common threat of pandemics. Climate change, migration, urbanization, and a rise in drug-resistant infections are dramatically increasing the odds of dangerous outbreaks. The rapid spread of mpox and bird flu, the recent Marburg virus outbreak, and a new “Disease X” emerging in a remote area of Africa are only the latest warnings that world leaders must take urgent steps today to bolster our collective defenses by investing in pandemic preparedness.

The Pandemic Fund is designed to take this global challenge head on. The Fund is mobilizing financing to help low- and middle-income countries strengthen critical frontline capacities such as infectious disease surveillance and early detection, laboratories for rapid testing, and health emergency workforce that are essential to stop outbreaks from spreading. Investing in preparedness and more resilient health systems will save lives and trillions in pandemic-related costs later.

The Pandemic Fund is also a testament to power of multilateralism. As a catalytic financing mechanism, the Pandemic Fund is not only making direct new grant investments, but it is also crowding in and leveraging additional resources from multilateral development banks, bilateral and global agencies, foundations, the private sector, and most importantly, from vulnerable countries themselves. Just as critical, the Fund has created a vital platform to drive much-needed global solidarity and collaboration against a shared threat to humanity.

Just two years ago, G20 leaders agreed that the world must do something to heed the lessons of COVID-19, and the Pandemic Fund was born. It has been remarkable to see what the Fund has already accomplished in such a short period of time. Nearly half of its first US$2 billion in pledges have been awarded through two global funding rounds, and many projects are already helping communities and countries become safer. Yet too many critical gaps remain unfunded, and time is not on our side.

As we saw with COVID-19, an outbreak can happen anywhere, at any time—and can quickly put everyone, everywhere at risk. Now is the time to stay vigilant and double down on investing in preparedness through the Pandemic Fund—and prevent another deadly and costly pandemic.

Foreword by the Executive Head of the Pandemic Fund

I am proud to present the Pandemic Fund’s inaugural progress report. In November 2022, G20 leaders launched the Pandemic Fund with the mission to ensure that low- and middle-income countries have the capacity to detect, prevent, and rapidly respond to pandemics. We have since moved expeditiously to complete the first two funding rounds and award grants totaling US$885 million to benefit 75 countries across six geographies and mobilize an additional US$6 billion in international co-financing and country co-investments—demonstrating the Fund’s promise as a force multiplier for a safer world.

As this report highlights, the first round of Pandemic Fund grants are already delivering results. They are galvanizing partner coordination and collaboration around multisectoral, One Health approaches to strengthen pandemic prevention, preparedness and response (PPR) through investments in surveillance, laboratory systems, and a fit-for-purpose health workforce. For example, in Bhutan, Pandemic Fund-supported investments are upgrading veterinary and human laboratories and building capacity through training lab technicians, field epidemiologists, and farmers in biosafety and biosecurity practices. In Ethiopia, investments include building an electronic alert system, upgrading and connecting veterinary and human laboratory networks, and shoring up the health workforce and supply chains to provide surge capacity. In the Caribbean, the Pandemic Fund project is supporting the Caribbean Public Health Agency to foster collaboration among countries across the region to share information and ensure that their vital tourism sectors are ready for future public health emergencies, including the increasing onslaught of superstorms fueled by climate change.

While working to safeguard the future, the Pandemic Fund has also taken steps to respond to current outbreaks, such as mpox. In September 2024, the Pandemic Fund fast-tracked funding to 10 countries in Africa to bolster their mpox response. Our medium-term strategic plan lays out a comprehensive path toward a world better equipped to manage pandemic threats. We have also prioritized real-time learning and adaptation to refine and strengthen the Fund’s governance and operational structures, systems, and procedures as part of our commitment to drive collaboration, excellence, and accountability.

This early progress has been made possible thanks to the commitment, dedication, and support of the Pandemic Fund’s Governing Board, comprising representatives of contributor and co-investor countries, foundations, and civil society around the world; members of the Technical Advisory Panel (TAP), who have lent their time and expertise to review hundreds of proposals; Implementing Entities, who have collaborated with countries and with one another to ensure that Pandemic Fund grants are targeting the most urgent needs; country and regional partner agencies where the Pandemic Fund has invested; and many other stakeholders who have helped inform our strategy and support our efforts. Through this collective action approach, the Pandemic Fund is contributing to greater coherence in global health financing and in pandemic PPR.

Low- and middle-income countries are demonstrating that they understand the health, economic, and social risks of another pandemic and do not want to be caught unprepared again. Demand for Pandemic Fund grants has been very high: the first two calls for proposals have generated US$7 billion in funding requests, far exceeding available resources to date. With increased and sustained support from the international community, the Pandemic Fund will continue to grow and evolve towards delivering on its promise of a better prepared and pandemic-resilient world.