European Commission raises €15.9 billion for Coronavirus Global Response

The ‘Global Goal: Unite for our Future' pledging summit organised 27 June 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. 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. The money raised will also support economic recovery in the world's most fragile regions and communities..

The latest pledging session 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.

Forty 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.

“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.” Von der Leyen said.

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 the European Commission, the World Health Organization and the Coalition for Epidemic Preparedness Innovations (CEPI).

In recent 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.