ADVERTISEMENT
  • News
  • New York
  • Technology
  • Culture
  • Entertainment
  • Sport
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Sunday, May 18, 2025
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home WORLD Europe

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

The FINANCIAL by The FINANCIAL
February 20, 2021
in Europe
Reading Time: 4 mins read
21
A A
0
No-fault compensation programme for COVID-19 vaccines is a world first
Share on FacebookShare on Twitter

The FINANCIAL — The European Union has announced today 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. According to European Commission,  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 today by Germany.

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.”

Jutta Urpilainen, Commissioner for International Partnerships, added: “We are in a race against the virus and COVAX is our best hope that all our partners, in Africa and elsewhere, have access to safe and effective COVID-19 vaccines. The EU has been leading efforts in international fora, such as the G20 and G7, to guarantee that collectively we ensure that COVID-19 vaccines become a global public good. This is why today we are doubling our support to COVAX.”

RelatedPosts

Homes of Protest-Linked Public Fund Managers Searched

Spain and France’s Vulnerability to Electricity Blackouts

Armenia’s Post-War Economic Recovery: Resilience Amid Challenges

Threats to Georgia Amid Russia’s Advance in Ukraine and Trump’s Pro-Russia Policy

Stella Kyriakides, Commissioner for Health and Food Safety, stressed: “Humanism and solidarity are essential values for Europe. These values have been our compass since the onset of the pandemic. The EU has invested close to €3 billion to pre-finance the production of safe and effective vaccines, which will benefit not only the EU but citizens across the world. Vaccines produced in Europe are now going all over the world and we as Team Europe are working to share doses secured under our advanced purchase agreements preferably through COVAX with the Western Balkans, Neighborhood and Africa – benefitting above all health workers and humanitarian needs.”

As European Commission notes, the contribution announced today 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.

See also  Spain and France’s Vulnerability to Electricity Blackouts

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.

Background

COVAX is the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, a global collaboration to accelerate the development, production, and equitable access to COVID-19 tests, treatments, and vaccines.

The COVAX Facility aims to purchase 2 billion doses by the end of 2021, including at least 1.3 billion doses for low and middle-income country. It will help to develop a diversified portfolio of vaccines, negotiated with different suppliers, and covering different scientific technologies, delivery times and prices. The COVAX Facility is a risk-sharing mechanism: it reduces the risk for manufacturers who invest without being sure about future demand, and it reduces the risk that countries would fail to secure access to a viable vaccine.

The European Commission is committed to ensuring that everyone who needs a vaccine gets it, anywhere in the world, and to promote global health. This is why together with partners it has helped raised almost €16 billion since 4 May 2020 under the Coronavirus Global Response, the global action in support of universal access to tests, treatments and vaccines against coronavirus and for the global recovery. Team Europe’s contribution was as follows: EU Member States (€3.1 billion), European Commission (over €1.4 billion) and EIB (almost €2 billion pledged in May and €4.9 billion pledged in June).

The EU’s efforts to develop and produce an effective vaccine will benefit all in the global community. The EU investment in scaling up manufacturing capacity will be to the service of all countries in need. Through its Advanced Purchase Agreements, it requires manufacturers to make their production capacity available to supply all countries and calls for the free flow of vaccines and materials with no export restrictions. For instance, the pharmaceutical company Sanofi-GSK, with whom the Commission concluded an Advanced Purchase Agreement in September, will endeavour to provide a significant portion of their vaccine supply through the COVAX facility.

Building on the EU Vaccines Strategy, the EU is in the process of setting up vaccine sharing mechanism to allow EU Member States to redirect some of the doses procured under the advanced purchased agreement, preferably through COVAX.

Tags: The European Union has announced today an additional €500 million for the COVAX Facility

Related Posts

Georgian PM urged to withdraw the Law on Transparency of Foreign Influence, guarantee the safety of journalists and uphold press freedom in Georgia
Europe

Homes of Protest-Linked Public Fund Managers Searched

by The FINANCIAL
April 29, 2025
0

Early morning of April 29, officers from the Georgian Prosecutor’s Office and, in some cases, allegedly, representatives of the State...

Read more
Spain and France’s Vulnerability to Electricity Blackouts

Spain and France’s Vulnerability to Electricity Blackouts

April 29, 2025
IMF Executive Board Completes Third Review of Armenia’s Extended Arrangement

Armenia’s Post-War Economic Recovery: Resilience Amid Challenges

April 25, 2025
Government Of Georgia Invests $100M In Anaklia Deep Sea Port Project

Threats to Georgia Amid Russia’s Advance in Ukraine and Trump’s Pro-Russia Policy

April 23, 2025

Discussion about this post

  • Trending
  • Comments
  • Latest
Ampersand wins £22m five-year contract at London Zoo

Ampersand wins £22m five-year contract at London Zoo

June 25, 2012
U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

May 15, 2025
U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

May 13, 2025
BMW Group sources aluminium produced using solar energy

Global solar PV growth expected to slow to 10% in 2025, reaching 655 GW new installations

May 6, 2025

The World’s First Operating System for Smart Cities

May 16, 2025

The World’s First Operating System for Smart Cities

May 16, 2025
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Two Men Sentenced for Real Estate and Tax Fraud

May 16, 2025
Teacher arrested, charged with distribution and possession of child pornography

Army Soldier Charged with Child Pornography Offenses

May 16, 2025
Why Is Geographic Mobility Declining?

Why Is Geographic Mobility Declining?

May 16, 2025
Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

May 16, 2025
ADVERTISEMENT

Popular Last 24h

  • BMW Group sources aluminium produced using solar energy

    Global solar PV growth expected to slow to 10% in 2025, reaching 655 GW new installations

    81 shares
    Share 32 Tweet 20
  • Ampersand wins £22m five-year contract at London Zoo

    3322 shares
    Share 1329 Tweet 831
  • The London Diplomatic List, Addresses, Contacts & Working Hours

    2990 shares
    Share 1196 Tweet 748
  • Global Port Volumes Pressured by Trade War, Economic Slowdown

    52 shares
    Share 21 Tweet 13
  • PwC to Cut 1,500 U.S. Jobs as Part of Strategic Workforce Adjustment

    165 shares
    Share 66 Tweet 41
  • The World’s First Operating System for Smart Cities

    34 shares
    Share 14 Tweet 9
  • Rising Demand for Cybersecurity in Real-Time Operating Systems (RTOS)

    41 shares
    Share 16 Tweet 10

LATEST POSTS

The World’s First Operating System for Smart Cities

May 16, 2025
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Two Men Sentenced for Real Estate and Tax Fraud

May 16, 2025
Teacher arrested, charged with distribution and possession of child pornography

Army Soldier Charged with Child Pornography Offenses

May 16, 2025
Why Is Geographic Mobility Declining?

Why Is Geographic Mobility Declining?

May 16, 2025
Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

May 16, 2025
Why Board Portals Are Vital for Modern Businesses?

When Is the Best Time to Apply for a Business Loan?

May 16, 2025
HX5 Maintains Excellence in Mission-Critical Operations Through Navigating Regulatory Challenges

HX5 Maintains Excellence in Mission-Critical Operations Through Navigating Regulatory Challenges

May 16, 2025
How to Budget for a New Car Without Sacrificing Your Lifestyle

How to Budget for a New Car Without Sacrificing Your Lifestyle

May 16, 2025
U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

May 15, 2025
Cyber risks are one of the biggest threats to the digital and networked economy

Munich Re posts net result of €1.1bn in Q1 despite high major-loss expenditure

May 15, 2025

LATESTBUSINESS

Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Two Men Sentenced for Real Estate and Tax Fraud

by The FINANCIAL
May 16, 2025
0

Cyber risks are one of the biggest threats to the digital and networked economy

Munich Re posts net result of €1.1bn in Q1 despite high major-loss expenditure

by The FINANCIAL
May 15, 2025
0

Cryptocurrency Total Market Cap Jumped 80% After COVID-19 Crash

Confidence in regulation of the crypto and digital assets sector is rising, study

by The FINANCIAL
May 15, 2025
0

U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

by The FINANCIAL
May 13, 2025
0

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

by The FINANCIAL
May 13, 2025
0

Homes Sold Faster than Ever in 2017

Tariffs Spur Home Improvement Shock: ‘Prices to Skyrocket,’ Expert Warns

by The FINANCIAL
May 7, 2025
0

Turkcell and Huawei Complete World’s First LTE Spectrum Coordination on a Commercial Network

Huawei Digital Power’s All-Scenario Grid Forming ESS Accelerates the Global Energy Transition and Construction of New Power Systems

by The FINANCIAL
May 7, 2025
0

PwC: Policymakers Must Offer Clarity and Coordination to Secure Net-Zero

PwC to Cut 1,500 U.S. Jobs as Part of Strategic Workforce Adjustment

by The FINANCIAL
May 6, 2025
0

GET IN TOUCH

Submit guest post/Letters to the Editor:

editor (at) finchannel.com

Sales & Marketing: (+995 558) 03 03 03 Email: marketing (at) finchannel.com

Whatsup: (+995 599) 96 52 52

Georgia:

(+995 599) 96 52 52 Email: editor (@) finchannel.com

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2025 Intelligence Group llc

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.