Coronavirus Global Response: EIB and Commission pledge additional €4.9 billion

coronavirus EIB

(Credit, Unsplash)

This article is brought to you in association with the European Commission.


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.

BACKGROUND

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. For more information on these pledges and their allocations, please check this Questions & Answers.

 

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Financial support for workers affected by no-deal Brexit

LGBTQ+ inclusion on the other side of the screen

“Our house is on fire.” 16 year-old Greta Thunberg wants action

EU Ambassadors in the EP: a multilateral approach to global challenges needed

The EU Commission does nothing about the food retailing oligopoly

EU car manufacturers worry about an FTA with Japan

3 charts that show how attitudes to climate science vary around the world

China Unlimited Special Report: at the heart of Beijing

Sanctions: Commission further expands Guidance on COVID-19-related humanitarian aid in sanctioned environments

Inaction on obesity stands in the way of sustainable development

Can we automate our way out of the savings crisis?

This Japanese politician is making history – by taking paternity leave

Scotland “shows the way” to separatist movements as Catalonia calls a vote on independence

Rude work emails are bad for your health and on the rise – here’s what you need to know

Gynecologic care in the 21st century

Deep chasm still divides Athens and Brussels; can Eurozone use the nuclear arm of liquidity against Greece?

Why transparency in drug pricing is more complicated than it seems

Violent disorder is on the rise. Is inequality to blame?

Is it just visa-free travel that Erdogan demands from the EU to not break the migration deal?

Horn of Africa: UN chief welcomes Djibouti agreement between Eritrea, Ethiopia and Somalia

The EU Commission is lying to the “Right2Water” campaign

How start-ups will lead India through the Fourth Industrial Revolution

How data can help mining companies tackle their trust deficit

The hottest new craze for German millennials? Gardening

Is Europe ready to cooperate with the rest of the world? Can Germany change its selfish policies?

2030 development agenda: Major breakthrough for world of work

GDP growth slows in most G20 economies in third quarter of 2019

UN experts warn Assange arrest exposes him to risk of serious human rights violations

12 ways the tech sector can help save the climate in 12 years

Artificial Intelligence raises ethical, policy challenges – UN expert

Emergency Trust Fund for Africa: EU mobilises almost €100 million to support the most vulnerable in the Horn of Africa

The role of junior entrepreneurs as a bridge between academia and business world

Altruism can be good for business, as these companies show

The Fourth Industrial Revolution must not leave farming behind

‘Rare but devastating’ tsunamis underscore need for better preparation, UN chief urges on World Day

Africa is launching the world’s largest free trade area – but these are the stumbling blocks

How fixing broken food systems can help us meet all the SDGs

‘Exercise restraint’ Guterres urges Sri Lankans, as political crisis deepens

Bankruptcy or referendum: which one is going to be first?

“We have to do a better job of creating alternatives to violent extremism”, US Secretary of State John Kerry from Switzerland; the Sting reports live from World Economic Forum 2015 in Davos

The 8 pieces of digital DNA we need to thrive in the AI age

What wealth managers can learn from family dynamics

EU to relocate 40,000 migrants across the bloc: first step of a long due substantial reform?

More than 750 million people around the world would migrate if they could

Chatterbox Rome Declaration cannot save the EU; Germany has to pay more to do that

Renewable energy can get India’s returned rural migrants back to work

Concern rising over fate of Rohingya refugees sent home by India: UNHCR

Youth leaders share positive visions of the future, as Guterres launches UN75 in New York

Brexit Update: EU endorses unprecedented compromise to help Cameron out of the referendum mess he got himself into

Cyprus tragedy reveals Eurozone’s arbitrary functioning

Stability in Europe has no chances because of Ukraine

European Confederation of Junior Enterprises hosts in Geneva the Junior Enterprise World Conference

What universities can learn about citizenship in the COVID-19 pandemic

Macron crowned king of Europe in Washington D.C.; just a working meeting with Trump for Merkel

How Islamic finance can build resilience to climate change

In Washington D.C., Guterres signs pact with World Bank, meets US President Trump

It’s not kids’ screen time you should worry about – it’s yours

Coronavirus: 23 new research projects to receive €128 million in EU funding

Prisons are failing. It’s time to find an alternative

Fighting Depression In the Isolation of COVID-19

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s