EIB outlines finance and advisory support for health in response to COVID-19

The European Investment Bank (EIB) Group has joined a global fundraising effort in the fight against the coronavirus. 

The European Union-led global Pledging Conference, co-chaired by the President of the European Commission Ursula von der Leyen and other world leaders, aims to raise an initial EUR 7.5 billion to end this pandemic. 

The EU will team up with partners around the globe to hold a pledging initiative, with the aim of raising urgently needed funding to develop effective coronavirus vaccines quickly, build capacity for early manufacturing at scale of diagnostics, vaccines and treatments. Alongside the funding pledges, the initiative will also aim to secure  political commitment to ensuring equitable access to products created to tackle this pandemic. 

The EIB is building a pipeline of potential investments in vaccine, treatments and diagnostics for the fight against COVID-19, leveraging on global partnerships with organisations including the European Commission, the WHO, and the Coalition for Epidemic Preparedness Innovations (CEPI), also with the objective to achieve sufficient manufacturing capacity. 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 EUR 6 billion of financing with partners in the health and life science sectors.

EUR 770 million will be pledged in partnership and joint investment by the EIB Group and the European Commission for companies working on treatments, testing and vaccines. As part of this, the EIB will make an initial pledge today of 141 million from its own resources. The Commission will also announce the next milestones of a global campaign, which is to kick-off an ongoing rolling replenishment over the coming weeks. 

The European Union is teaming up with a broad range of international partners to bring this initiative to life. This includes co-hosting the pledging moment, securing funding pledges and firm political commitment to equitable access by all partner countries, businesses and organisations. To this end the European Commission have been in contact with partner countries, international organisations e.g. UN, WHO, G7, G20 and a series of expert worldwide lead organisations (e.g. Wellcome Trust, Bill and Melinda Gates Foundation, GAVI, Global Fund) as well as the pharmaceutical industry and scientific community.