EIB and EC Pledge Billions More to Ensure Equitable Access to COVID-19 Treatments

The European Investment Bank (EIB) in partnership with the European Commission (EC) have pledged an additional EUR 4.9 billion (US $5.5 billion) to be used in the global coronavirus response funds.

According to a June 27, 2020 press release, the European Investment Bank (EIB) in partnership with the European Commission (EC) have pledged an additional EUR 4.9 billion (US $5.5 billion) to be used in the global coronavirus response funds.

The funds, which were raised in the ‘Global Goal: Unite for our Future’ pledging summit, will be mobilized in support of the development and equitable access to coronavirus vaccines, tests, and treatments. Additionally, monies raised will be used to support economic recovery in regions and communities deemed to be the most fragile.

Total funds raised during the pledging summit were EUR 6.15 billion (US $6.9 billion), which includes the money from EIB and EC in addition to EUR 485 million (US $544 million) committed by European Union member states. When added to the funds raised so far in the Coronavirus Global Response pledging marathon, the total now stands at EUR 15.9 billion (US $17.8 billion).

“The world will only be freed from this pandemic when vaccines, tests, and treatments are available and affordable to everyone who needs them,” said Ursula von der Leyen, president of EC, in the press release. “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.”

“I am happy to announce that, as part of Team Europe, the close partnership between EIB and the EC leads to a pledge of EUR 4.9 billion to help vulnerable countries finance their recovery from the pandemic,” added Werner Hoyer, president of EIB, in the press release. “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.”

Source: EIB