A new Ebola outbreak hit the Democratic Republic of the Congo this month, and within three weeks global donors moved roughly $500 million into the response.
That's a faster mobilization than any past Ebola response. It also tells you how nervous global health officials are - because this version of the virus doesn't have a vaccine.
The U.S. led with the biggest commitment, with the State Department announcing up to $1.8 billion in new humanitarian funding through OCHA, the UN's humanitarian agency.
About $250 million of that is earmarked for the DRC and Uganda response specifically, with another $23 million in bilateral aid and funding for up to 50 Ebola treatment clinics on top.
The UK pledged up to £20 million in new aid funding, and the EU allocated €15 million in humanitarian assistance through its ECHO arm.
The World Bank is mobilizing existing DRC health funds while assembling a broader financial package, and the UN released $60 million from its Central Emergency Response Fund.
WHO Director-General Tedros also approved an extra $3.4 million from the agency's contingency fund after declaring a public health emergency of international concern - the highest alert level WHO has.
Market Briefs covers the macro stories shaping markets in five minutes a day - and throws in a free investing masterclass when you sign up.
The strain spreading in eastern DRC is Bundibugyo virus, a species of Ebola for which there is no approved vaccine and no specific treatment.
Past Bundibugyo outbreaks killed 30% to 50% of confirmed patients. The current outbreak started in Mongbwalu, in the mining province of Ituri, which has active armed conflict and more than 100,000 people newly displaced in the past two months.
As of mid-May, the WHO had confirmed 51 cases in the DRC and two in Uganda, including one death in Kampala. Suspected cases were already approaching 600 with 139 suspected deaths at the time.
By the following week, CIDRAP reported close to 750 suspected cases and 177 deaths, with the WHO upgrading the regional risk assessment to "very high."
Money matters, but it isn't the same as a treatment. The Bundibugyo strain has only caused a handful of major outbreaks in history and there's no off-the-shelf vaccine ready to deploy.
Pharma companies that worked on prior Ebola vaccines could see fresh interest from governments looking to shore up stockpiles. The other watch item is travel, with the U.S. issuing Level 4 advisories for the DRC, Uganda, and South Sudan and ordering the Congo World Cup soccer team to isolate before arriving for the tournament.
The cash is moving. The cure isn't here yet.
Sign up here and you'll get the daily newsletter plus a free 45-minute masterclass on finding investments.
