How COVAX Helps Poor Countries Get Covid-19 Vaccines

Werner Hoyer, President of the European Investment Bank. Photo: EIB
Werner Hoyer, President of the European Investment Bank. Photo: EIB

G7 global leaders highlighted the moral imperative to ensure global access to Covid-19 vaccines.

President of the European Investment Bank (EIB) Werner Hoyer welcomed on February 19 global engagement to scale up support for the international COVAX vaccine-access facility. The EIB said the G7 summit is dedicated to vaccination and will help to accelerate international cooperation to tackle the Covid-19 pandemic.

“Increased international cooperation is essential to end the Covid-19 crisis, tackle public health and unlock economic and social recovery. Now that safe and effective Covid-19 vaccines are available, it is essential that lower income economies are not left behind.” said President of the European Investment Bank Werner Hoyer.

As part of Team Europe, the European Investment Bank has already enabled COVAX to make one billion doses of vaccines available in low and middle income countries through its largest ever support for public health. G7 global leaders highlighted the moral imperative to ensure global access to Covid-19 vaccines. The EIB stands ready to provide additional backing for COVAX and increase the EUR 500 million Team Europe support signed two months ago.

In 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 rapidly approved 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 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 in the coming months following due diligence and subject to the final approval of the EIB’s governing bodies.

Since the start of the Covid-19 pandemic the European Investment Bank Group rapidly redirected its business to strengthen public health and economic resilience. The EIB Group has provided more than €26 billion of new financing worldwide to immediately respond to the crisis.

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

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Rakesh Raman