The European Investment Bank (EIB), the European Commission and Investitionsbank Berlin (IBB) announced the first closing of their EU Malaria Fund.
The European Commission and the EIB are investing an initial €64 million into the fund, which aims to bridge the gap between molecule and market for feasible and affordable innovative solutions to prevent and treat malaria. The outstanding amount of €6 million is being provided by various national and private investors, including IBB and the Bill & Melinda Gates Foundation.
The major contributor to the Fund is the InnovFin EU programme funded by EU Horizon 2020 and jointly managed by the European Commission and the EIB. Part of the project is supported by the European Fund of Strategic Investments, the financial pillar of the Investment Plan for Europe. In this initiative, the EIB and the European Commission partner to mobilise €500 billion in the European economy.
“Malaria is the world’s current most deadly infectious diseases. To fight it is more urgent than ever,” said Ambroise Fayolle, EIB Vice-President in charge of health. “Progress has largely stalled in recent years, resistance to traditional drugs is on the rise, and new treatments are often costly. It is high time that we joined forces with public and private actors in and outside the EU to tackle the problem. If it can increase the number of ways to help prevent or cure malaria, our fund could be a life-saver for hundreds of thousands of people every year.”
In total, the EU Malaria Fund is expected to bundle investments of €150 million. The instrument will finance companies through venture debt. The two first investments earmarked by the fund are expected to go to Italian AchilleS Vaccines and to Austrian Themis Bioscience GmbH.
The EU Malaria Fund blends investment from the European Union, the EIB, IBB, the Bill & Melinda Gates Foundation, and other European national and private actors.
Original source: EIB
Published on 03 June 2020