Primavera Capital Supports UNICEF's COVAX Facility
Primavera Capital Group today announced its plan to support the Hong Kong Committee for UNICEF with a donation to the COVID-19 Vaccine Global Access (COVAX) Facility. COVAX is a global initiative jointly proposed and led by the Global Alliance for Vaccines and Immunization (Gavi), the World Health Organization (WHO) and the Coalition for Epidemic Preparedness Innovations (CEPI) to support the global supply and delivery of 2 billion vaccine doses by the end of 2021. COVAX aims to ensure equitable access to the vaccine for all developing countries and promote international cooperation on pandemic prevention.
On behalf of the Global COVAX Facility, UNICEF is leading the procurement and supply of the vaccine by leveraging its unique position as the world’s single largest vaccine buyer. On October 8, 2020, China formally joined COVAX and has been working closely with the WHO and other sponsors to make contributions towards the accessibility and affordability of the vaccine for developing countries as a global public good.
Since its establishment, Primavera has included considerations around corporate and social values and responsibilities whenever investment decisions are made. It firmly believes that investors have a principal responsibility to uphold ESG principles. As COVID-19 raged in Wuhan, Fred Hu, chairman of Primavera, immediately led the firm in providing aid to frontline medical workers and their families through the donation of money and supplies.
At the same time, the portfolio companies of Primavera have also acted responsively in fighting against the pandemic and encouraging economic recovery. Yum China provided free meals to hospitals and community health centers across the country with the support of its own food delivery resource capabilities. Alibaba set up a special fund of RMB 1 billion for medical supplies to be distributed domestically and abroad, including donations to major medical institutions in Wuhan and other cities in Hubei Province. ByteDance established a relief fund amounting to RMB 446 million as of January 2021. LBX Pharmacy set up a 24-hour emergency response team in response to the urgent need for the delivery of pandemic prevention supplies. Other Primavera portfolio companies such as Junlebao, Didi Chuxing, and Xingsheng Youxuan have also made significant contributions to the fight against the epidemic.
At present, the pandemic remains a huge threat globally. Vaccination has become key to fight against the virus, which no country is immune from. In 2021, Primavera has decided to support the Hong Kong Committee for UNICEF by donating to COVAX as a New Year’s gift to demonstrate its continued commitment to corporate social responsibility initiatives. Primavera will continue to contribute to the global fight against the pandemic, leveraging its influence in the international financial community and calling on more companies to pay attention to and support COVAX. The company strives to help end the pandemic, and enable the global economy to return to pre-pandemic levels.