“I am also pleased to confirm the EIB’s support for an additional €300 million of financing to accelerate local vaccine deployment in countries most exposed to the pandemic through innovative cost-sharing and generate a positive impact where budget constraints might otherwise hinder effective public sector health response,” said Hoyer.
The new €300 million commitment from the EIB builds on the Bank’s support for €1 billion of vaccine purchases over the last year. It targets the acute needs of sub-Saharan Africa, where the EIB is working with a network of African partners, including the Africa Vaccine Acquisition Task Team. The innovative funding will ensure that African countries can quickly purchase more vaccines and double the percentage of their populations immunised against COVID-19 from 30% to 60%.
As part of Team Europe, the EIB has been a staunch supporter of COVAX, providing €400 million in December 2020, before any vaccine for COVID-19 had even been approved by the World Health Organisation or the European Medicines Agency.
The EIB provided an additional€200 million for COVAX in November 2021. Both engagements were part of Team Europe’s overall support for COVAX and backed by the European Union budget.
Including contributions from the European Commission, EU countries and the EIB, Team Europe has committed more than €3 billion to making COVID-19 vaccines more accessible around the world through COVAX.
COVAX is leading the largest vaccine procurement and supply operation in history. Rapidly put together at the start of the pandemic, it has delivered COVID-19 vaccines to 144 countries to date. Earlier this week, a shipment of 1.1 million COVID-19 vaccines to Rwanda included the billionth dose supplied through COVAX.
But much more needs to be done as almost half the global population has yet to receive a single vaccine dose. COVAX and UNICEF called for at least $5.2 billion of new funding over the next three months to create a 600 million dose stock that will enable countries with limited access to vaccines fight the spread of the virus and save lives.
Tedros Ghebreyesus, Director-General of the World Health Organisation, praised COVAX as an example of “the power of multilateral action.”
“Global coordination and funding is the only way to defeat the virus,” he said. “In 2022, we can end the acute face of the pandemic, or prolong it.” World leaders have a choice, he said, warning that “persistent inequity has led to variants like Omicron”.
The European Investment Bank organized today a full day meeting with the TEN – T Coordinators to discuss objectives, priorities and financing needs of the Trans-European Transport networks for the future.
In a ceremony held in Marrakesh on 14 October, Vice-President Ricardo Mourinho Félix, of the European Investment Bank (EIB), and Ayhan Kose, Deputy Chief Economist of the World Bank and Director of the Prospects Group, signed a memorandum of understanding, marking the EIB's official entry into the Development Data Partnership.