EIB President highlights importance of COVAX initiative to provide COVID-19 vaccines in low and middle income countries

President of the European Investment Bank Werner Hoyer today welcomed global engagement to scale up support for the international COVAX vaccine-access facility. Today’s 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. 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 our largest ever support for public health. G7 global leaders today 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.” said President of the European Investment Bank Werner Hoyer.

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.

More information on COVAX is available here, and more information on the Gavi COVAX AMC is available here. A full list of self-financing participants and AMC-eligible economies is available here and the latest table of donor pledges to the Gavi COVAX AMC is available here.