EU raises $8.1 billion for Covid-19 vaccine R&D

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LONDON: Giving a major boost to finance the research and development for Covid-19 vaccination, the European Union has managed to raise $8.1 billion (€7.4 billion) via the coronavirus pledging conference. The funds raised at the ‘Coronavirus Global Response international pledging event’ would be used to support ‘the research and equitable distribution of COVID-19 diagnostics, treatments, and vaccines’. The fundraiser is seen as a crucial step towards the promotion of global solidarity through such trying times. The virtual summit was attended by countries such as China, Canada, South Africa, Turkey, Israel and Australia; European leaders; heads of state from Japan; Jordan’s King Abdullah II; and Tawfig AlRabiah, Saudi Arabia’s health minister. There was no representation from Russia and USA.

Ursula von der Leyen, President of the European Commission, announced that the European Union Commission will donate €1 billion to the cause. Chairing the conference French President Emmanuel Macron pledged €500 million, while German Chancellor Angela Merkel pledged €525 million and Bill and Melinda Gates Foundation donated $100 million for the cause. Boris Johnson, Prime Minister, United Kingdom, said, “The race to discover the vaccine … is not a competition between countries, but the most urgent shared endeavour of our lifetimes.”Representatives from China; European leaders; heads of state from Japan, Canada, South Africa, Turkey, Israel and Australia; Jordan’s King Abdullah II; and Saudi Arabia’s health minister provided video messages announcing their donations.

The fund announcements are currently being analysed by the EU office, who has promised that the fund would be spent as advertised.

The EU will also be announcing their work with NGOs shortly.