No one is safe until everyone is safe, because infectious diseases do not respect borders. To protect everyone, it’s important that all countries, rich and poor, should have access to a COVID-19 vaccine.
That’s the mission of the ground-breaking COVAX global initiative - jointly led by Gavi, the Vaccine Alliance, the World Health Organisation and the Coalition for Epidemic Preparedness Innovations. Supported by the European Investment Bank and the European Commission, COVAX aims to ensure equitable access to a COVID-19 vaccine across all economies.
“A fair and equitable distribution of the successful COVID-19 vaccines is key to tackling the pandemic and alleviating a dire situation in developing countries,” says Raffaele Cordiner, the European Investment Bank investment officer working on the project. “The joint effort of the European Investment Bank and the European Commission as Team Europe highlights the importance of the multilateral approach to solving global health issues. Europe has put together an innovative financial instrument that shows the kind of solidarity with our fellow humans that’s needed at this dangerous moment.”
The EU bank is investing €600 million in COVAX Advanced Market Commitment, the innovative financing instrument that will support the participation of 92 low- and middle-income countries in the COVAX Facility, providing an additional €200 million on top of the €400 million committed in December 2020. COVAX is the EIB’s largest ever support for global public health. This instrument enables these countries access to donor-funded doses of safe and effective COVID-19 vaccines. Combined with additional support for country readiness and delivery led by Gavi and its Alliance partners, the World Health Organisation and the UN Children’s Fund, UNICEF, COVAX will make sure the most vulnerable in all countries can be protected in the short term, regardless of income.