The Gavi Advance Market Commitment for COVID-19 Vaccines (Gavi Covax AMC) is a new financing instrument which will achieve more equitable access to COVID-19 vaccines by intervening actively in the emerging vaccine market. This means: 1. Accelerating the availability of effective vaccines. By investing early in a portfolio of vaccine candidates the risk of vaccine failure is mitigated, and extra manufacturing capacity is created for the benefit of 92 lower income countries. The Facility draws upon an advanced portfolio of vaccine candidates. 2. Reserving doses for lower income countries. 3. Making vaccines affordable. Without additional funding, lower income countries will not be able to pay for the reservation and eventual procurement of COVID-19 vaccines.