EIB expected to increase support for COVAX to EUR 600 million: President Hoyer

The EIB is in discussions with Gavi, the vaccine alliance, about new financing to further scale up access to COVID-19 vaccines by high-risk and vulnerable populations in low and middle-income countries.

Werner Hoyer, President of the European Investment Bank, today highlighted the crucial need to increase financial support to ensure access to COVID-19 vaccines in low and middle-income countries around the world through the COVAX initiative.

During his address to the One World Protected gathering of world leaders, private sector, civil society and key technical partners, hosted by Gavi and the United States government, President Hoyer confirmed that the EIB is expected to increase support for COVAX to EUR 600 million. The EIB is the only multilateral financing institution providing financial backing to COVAX.

"The European Investment Bank welcomes the strong support of the United States for COVAX and the renewed commitment of the US administration to find and promote multilateral solutions to global issues. Over the last year, the European Investment Bank has worked with global partners to ensure a rapid and targeted response to COVID-19. Last December, as part of Team Europe, the EIB provided EUR 400m of financing to COVAX that accelerated up-front investment and already enabled vaccine deliveries to more than 100 countries. The EIB stands ready to increase support for COVAX alongside enabling procurement of additional COVID-19 vaccines and to strengthen vaccine manufacturing, diagnostics and public health in low and middle-income countries." said Werner Hoyer, President of the European Investment Bank.

Since the start of the pandemic, the EIB has approved more than EUR 40 billion of new financing to support vaccine development, public health and economic resilience to COVID-19 across Europe and around the world.

Building on rapid EIB support for COVAX

Last December the European Investment Bank agreed €400 million of financing to support the participation of low and middle-income economies in COVAX Advance Market Commitment (COVAX AMC) and accelerate up-front investment essential to deliver vaccine doses as soon as they become available. This represented the EIB's largest ever support for global public health.

The rapidly approved EIB financing, guaranteed by the European Fund for Sustainable Development and alongside €100 million grant support from the European Commission to COVAX AMC, is already supporting access to safe and effective COVID-19 vaccines in 92 low and middle-income countries. The European Commission is also expected to increase grant support for COVAX.

The EIB is in discussions with Gavi, the vaccine alliance, about new financing to further scale up access to COVID-19 vaccines by high-risk and vulnerable populations in low and middle-income countries.

Follow up EIB support could be agreed upon in the coming months following due diligence and subject to the final approval of the EIB's governing bodies.

Strengthening pandemic resilience around the world

EIB technical and financial experts are currently working with global partners to support the procurement of additional COVID-19 vaccines to complement the protection provided by COVAX.

The EIB is also working with private and public partners to accelerate investment in vaccine research, development and manufacturing, diagnostics and public healthcare.