By raising £2.2bn ($4bn) over 10 years they hope to cut the number of deaths from diseases like measles, polio, hepatitis B, tetanus, and diphtheria, which kill millions every year.
Critics fear the scheme, first championed by the chancellor in 2003, is a “buy now, pay later” project.
Bill Gates in too
The UK has pledged the equivalent of £70m ($130m) each year – 35% of the money for the International Finance Facility for Immunisation.
France has pledged the equivalent of $100m (£54m) a year; Italy $30m (£16m) a year; Spain $12m (£6.5m); and Sweden £27m (£15m).
Microsoft magnate Bill Gates has promised a further $750m (£408m) over 10 years through his Gates foundation.