The Coalition for Epidemic Preparedness Innovations (CEPI) and European Investment Bank (EIB) signed a landmark advisory agreement on Wednesday to develop innovative financing schemes to support global vaccine developments.
The partnership, delivered through the InnovFin Advisory programme, will see the EIB provide strategic financial advice and support to CEPI and its members on how best to accelerate vaccine development.
CEPI is a global organisation that was established to accelerate the development of vaccines against emerging infectious diseases.
There is also the possibility for EIB-provided external financing options alongside preparations to deploy large-scale vaccine development projects, making such solutions more readily available around the world.
During the agreement signing, it was also announced that there will be a European Union-led global Pledging Conference to raise an initial €7.5bn, beginning on 4 May 2020. The money raised will go towards ending the coronavirus (COVID-19) pandemic.
The EIB and CEPI are looking to explore ways to improve the overall financing ecosystem for investments in pandemic preparedness. This may include the development of a new financing mechanism that would mobilise additional public and private capital.
The EIB and CEPI’s cooperation will help to accelerate and ease funding access for a number of vaccine development projects which will benefit from the EIB’s InnovFin Advisory support.
The EIB and CEPI will work together on identifying relevant vaccine development projects through InnovFin Advisory. This is a programme supported by the European Commission that advises companies on how to structure their R&I projects to improve their access to finance.
“Vaccine development is vital in the fight against global infections, including the current coronavirus pandemic,” said EIB Vice-President Ambroise Fayolle. ”The Bank offers numerous options for companies looking for funding to develop the next generation of vaccines in the search for solutions to global disease outbreaks.”