EU doubles contribution to COVAX to €1 billion to ensure safe and effective vaccines for low and middle-income countries

The European Union has announced an additional €500 million for the COVAX Facility, doubling its contribution to date for the global initiative that is leading efforts to secure fair and equitable access to safe and effective COVID-19 vaccines in low and middle-income countries. This new pledge brings us closer to achieving COVAX’s target to deliver 1.3 billion doses for 92 low and middle-income countries by the end of 2021. Team Europe is one of the lead contributors to COVAX with over €2.2 billion, including another €900 million pledged by Germany.

We will only be safe if the whole world is safe

As announced in the #G7, the EU is doubling its contribution to #COVAX, the world’s facility for universal access to vaccines – from €500 million to €1 billion.

Deliveries will start soon. A true moment of global solidarity.

— Ursula von der Leyen (@vonderleyen) February 19, 2021

Announcing the new contribution at the G7 virtual leaders’ meeting, President of the European Commission, Ursula von der Leyen, said: “Last year, as part of our Coronavirus Global Response, we committed to ensuring universal access to vaccines everywhere on Earth, for everyone who would need them. COVAX is best placed to help us reach this goal. This is why we decided to double the European Commission’s contribution to COVAX, to €1 billion. With this new financial boost, we want to make sure vaccines are soon delivered to low and middle-income countries. Because we will only be safe if the whole world is safe.”

The contribution announced is composed of a new €300 million EU grant and €200 million in guarantees by the European Fund for Sustainable Development plus (EFSD+) that will back a loan by the European Investment Bank. This is subject to the adoption of the Neighbourhood, Development and International Cooperation Instrument (NDICI) by the Council and the European Parliament. The EIB loan to be guaranteed by EFSD+ is subject to the approval of the EIB’s Board of Directors. These funds will complement a previous €100 million grant and €400 million in guarantees from the EU budget.

To date, a total of 191 countries participate in the COVAX Facility, 92 of them low and middle-income economies eligible to get access to COVID-19 vaccines through Gavi COVAX Advance Market Commitment (AMC). Most of these are in Africa. Through these contributions, the Commission and its partners will secure purchase options for future COVID-19 vaccines for all the participants in the Facility.

Vaccines will be procured and delivered to countries by the UNICEF Supply Division and the PAHO’s Revolving Fund for Access to Vaccines. The fast arrival of safe and effective COVID-19 vaccines has shown that multilateralism and multi-actor partnerships work to solve the most pressing problems of our time.