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    Reference: 20210373
    Release date: 28 June 2021

    Promoter – Financial Intermediary




    EIB loan to finance the purchase of COVID-19 vaccines.

    Additionality and Impact

    In alleviating the strain of the COVID-19 pandemic in LMICs, the project supports Bank's objectives to enhance sustainable social and human development through improved health, education and nutrition services. The project addresses the provision of health services for COVID-19 considered as a Global Public Good. Immunisation is one of the most effective investments in global health and has a crucial role in achieving 14 of the 17 United Nations Sustainable Development Goals (SDGs). As one of the most far-reaching health interventions, it closely reflects the ethos of the SDGs: "leaving no one behind". In particular, the project will contribute to the pursuit of SDG 3 Longer and Healthier lives: Immunisation is one of the most cost-effective ways to ensure long and healthy lives. Every year, vaccines save 2-3 million lives, and millions more are protected from disease and disability. Immunisation has an important role in empowering girls and women through better health through the achievement of equal access to vaccines for boys and girls. Women play a disproportionate role in responding to the COVID-19 virus, including as frontline healthcare workers and carers at home and furthermore often work in the informal economy, which has been heavily impacted by the COVID-19 pandemic. Hence, the project, which enables equitable and fair distribution of SARS-CoV-2 vaccines, is expected to significantly contribute to the achievement of SDG 5 ("Empowered Women And Girls") through the reversal of the negative economic effects that the COVID-19 pandemic has had on women and girls. The partnership between the Bank, the Inter-American Development Bank, World Bank and other IFIs in the fight against COVID-19 in LMICs pursues SDG 17 - Strengthen the means of implementation and revitalize the global partnership for sustainable development.

    The project addresses the provision of health services for COVID-19 considered as a Global Public Good and the EIB loan addresses a material market gap in the open and fair access to COVID-19 vaccines.


    The proposed operation consists of an investment loan of up to USD 100 million to the Republic of Argentina, to part to finance the strengthening of the country's resilience and pandemic preparedness initiatives as included in the Argentinian national response plan to the current COVID-19 pandemic. In particular, the project will support the purchase of vaccines and the deployment of vaccination campaigns in alignment with a satisfactory country National Vaccine Deployment Plan (NVDP).


    The project will be financed under the 2014-2020 External Lending Mandate or, to the extent possible, its successor Mandate.


    • Health - Human health and social work activities

    Under ELM Guarantee

    This operation is covered by the ELM Guarantee.

    Proposed EIB finance (Approximate amount)

    USD 100 million (EUR 85 million)

    Total cost (Approximate amount)

    USD 1600 million (EUR 1353 million)

    Environmental aspects

    The Bank will require the Promoter to ensure that the implementation of the project will be done in accordance with the Bank's Environmental and Social Principles and Standards.


    The Bank will require the Promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.


    Signed - 17/12/2021


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Argentina Health