The European Union signed over a promised €100 million ($122 million) grant and €400 million loans to Gavi, the Vaccine Alliance Tuesday, reinforcing efforts to ensure people in low- and middle-income countries have swift access to a COVID-19 vaccine.

Axar.az reports citing foreign media that the money will be channelled through Gavi’s COVAX Advanced Market Commitment, which is working to make 1 billion vaccine doses available to people in 92 LMICs. The AMC is financed mainly through official development assistance and philanthropic and private sector contributions.

Last month, Gavi announced that it had hit its $2 billion funding target for the AMC in 2020, of which Tuesday’s money from the EU forms a part. However, Gavi estimates it will need another $5 billion in 2021 to fund the procurement of vaccines.