Coronavirus Global Response: European Investment Bank and the European Commission pledged additional €4.9 billion Brussels

The ‘Global Goal: Unite for our Future'pledging summit organised today by the European Commission and Global Citizen mobilised €6.15 billion in additional funding to help develop and ensure equitable access to coronavirus vaccines, tests and treatments. The money raised will also support economic recovery in the world's most fragile regions and communities.

This amount includes a €4.9 billion pledge by the European Investment Bank, in partnership with the European Commission, and €485 million committed by EU Member States. This brings total pledges under the Coronavirus Global Response pledging marathon, launched by European Commission President Ursula von der Leyen on 4 May, to €15.9 billion.

40 governments took part in the summit and committed to ensuring universal access to coronavirus medicines. They also vowed to help rebuild communities that have been hit hard by the pandemic, in a fair and just way. As a landmark of global solidarity, the summit resulted in commitments for the production capacity of over 250 million vaccine doses for middle and lower income countries.

President of the European Commission Ursula von der Leyen said: “The world will only be freed from this pandemic when vaccines, tests and treatments are available and affordable to everyone who needs them. Today's pledges and Europe's contribution bring us closer to this global goal. Europe is in this for the long haul. We will use all of our convening power for the common good. There is a strong alliance out there to beat this virus, together.”

European Investment Bank President Werner Hoyer said: “I am happy to announce that, as part of Team Europe, the close partnership between the EIB and the European Commission leads to a pledge of €4.9 billion to help vulnerable countries finance their recovery from the pandemic. The EIB remains fully engaged in efforts alongside Team Europe, to minimize the devastating impact of this pandemic, notably by providing financing for health systems and research and economic resilience across the globe.” 

Global Citizen CEO and co-founder Hugh Evans said: “Global Goal: Unite for Our Future was launched in response to the COVID-19 pandemic, and we are proud to join the European Commission, and over 40 governments from around the world, to ensure COVID-19 tests, treatments and vaccines would be made available for everyone, everywhere. The $6.9 billion that was pledged today to support the world's poorest and most marginalized communities is an incredible next step on our journey out of the COVID-19 era, but there is more still to be done as no one is safe until everyone is safe.”

The €4.9 billion comes on top of the €2 billion already pledged by the EIB on 4 May. It will finance economic recovery, stronger health systems and the implementation of the Sustainable Development Goals in all countries outside of the EU, as part of the EU global response to fight the pandemic (‘Team Europe').

The European Investment Bank is building a pipeline of investment projects to develop and scale up production of coronavirus vaccines, tests and treatments, in partnership with Commission, the World Health Organization and the Coalition for Epidemic Preparedness Innovations (CEPI). 

All this effort is complemented by what the EIB is doing in health and pandemic preparedness both inside and outside EU. The EIB has built a pipeline of projects of around €6 billion of financing with partners in the health and life science sectors.

In the last weeks, the EIB announced a new Memorandum of Understanding with the WHO, an Advisory agreement with CEPI, a collaboration with the Israel Innovation Authority and a €50 million financing agreement with Pluristem to develop therapies for coronavirus vaccine development finance for BioNTech and increased cooperation with UN-Habitat.

The Global Goal: Unite for our Future campaign was launched on 28 May under the patronage of President Ursula von der Leyen. It is a milestone under the Coronavirus Global Response, the global action for universal access to affordable coronavirus vaccination, treatment and testing. It is the European Commission's response to the global call for action launched by the World Health Organization with governments and partners on 24 April 2020, in the face of the pandemic.

Out of the €15.9 billion raised since 4 May, €11.9 billion was pledged by the Member States, the Commission and the European Investment Bank. Out of these €11.9 billion, €6.5 billion was raised between 4 May and 28 May.

Cassien Tribunal Aungane, Editor