What is WHO's COVID-19 vaccine insurance scheme for poor countries?

A vaccine scheme co-led by WHO is setting up a compensation fund for people in 92 low-income countries who might suffer any side-effects from COVID-19 vaccines.

As reported by NDTV, The scheme is being set up by the promoters of the COVAX vaccine facility, which is co-led by the WHO and GAVI, a global vaccine alliance. COVAX aims to distribute at least 2 billion effective shots around the world by the end of next year.

If anything goes wrong after the administration of a vaccine, the government of those countries under the scheme will not have to face any cost. But the vaccine has to be distributed by COVAX.

It would pay a lump sum based on the severity of the harm to victims from side-effects. It would be funded with a levy on vaccines distributed to poor countries and from other sources.