Singapore, Dec 4: Singapore on Friday announced its decision to contribute $5 million to support low- and lower-middle-income countries procure Covid-19 vaccines.

The announcement was made in a joint statement by the Ministries of Foreign Affairs and Health, reports Xinhua news agency.

The money would go through the Covid-19 Vaccine Global Access (COVAX) Advance Market Commitment (AMC) mechanism, which will help support 92 low- and lower-middle-income countries' access through the COVAX Facility, said the statement. Pfizer Slashes COVID-19 Vaccine's Production Target from 100 Million to 50 Million in 2020 Owing to Supply Chain Challenges.

The COVAX Facility is a global risk-sharing mechanism which seeks to procure, equitably allocate and deliver 2 billion doses of COVID-19 vaccines by the end of 2021.

Singapore is one of 97 self-financing participants in the Facility.

The contribution is part of "our consistent support for vaccine multilateralism, and the fair and equitable access and allocation of vaccines", said the statement.

The AMC eligible countries include several ASEAN countries as well as small states globally, it added.

The Covid-19 virus "does not respect borders, and no one is safe until everyone is safe", said the statement, adding that the successful development of safe and efficacious vaccines is a critical step towards overcoming the pandemic.

(The above story first appeared on LatestLY on Dec 04, 2020 02:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).