The Coalition for Epidemic Preparedness Innovations (CEPI) and the European Investment Bank (EIB) signed an advisory agreement to collaborate on the development of innovative financing schemes to support vaccines development across the globe.
Under this partnership delivered through the InnovFin Advisory program, the EIB will provide strategic financial advice and support to CEPI and its members (private and public companies and research institutes) on potential financing solutions from the EIB Group and/or external financing options, preparing to deploy large-scale vaccine development projects, making such solutions more readily available around the world. Alongside this signature was the announcement of a European Union-led global Pledging Conference to raise an initial €7.5 billion to end this pandemic, which will begin on 4 May 2020.
The EIB and CEPI will also 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 mobilize additional public and private capital. The EIB and CEPI’s cooperation will help to accelerate and facilitate access to funding for a number of vaccine development projects which will benefit from the EIB’s InnovFin Advisory support.
CEPI and the EIB, through InnovFin Advisory - a program supported by the European Commission to advise companies to structure their R&I projects in order to improve their access to finance - will work together on identifying relevant vaccine development projects. The EIB will provide CEPI and its members with knowledge sharing and support to navigate the financing schemes that exist within and beyond the EIB, in order to bring vaccine projects to life.
“Vaccine development is vital in the fight against global infections, including the current coronavirus pandemic. We are pleased to join forces with CEPI to jointly identify vaccine initiatives and suitable funding solutions to get these projects off the ground. 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,” EIB Vice-President Ambroise Fayolle said.
CEPI is an innovative partnership between public, private, philanthropic, and civil organizations, launched at Davos in 2017, to develop vaccines to stop future epidemics. Working with the WHO, CEPI has so far initiated nine partnerships to advance COVID-19 vaccine candidates into clinical testing as quickly as possible.
“The COVID-19 pandemic presents the world with an unprecedented challenge. Developing a vaccine that is available to all is going to be the world’s best exit strategy from this crisis, protecting lives and allowing societies to return to normal. I am very pleased to be partnering with the EIB which will help us in our work to develop a vaccine against this deadly disease,” Dr Richard Hatchett, Chief Executive Officer at CEPI said.
The EIB is building a pipeline of potential investments in vaccine, treatments and diagnostics for the fight against COVID-19, leveraging on global partnerships with organizations including the European Commission, the WHO, CEPI and others partners, also with the objective to achieve sufficient manufacturing capacity. All this effort is complemented by what the EIB is doing in health and pandemic preparedness both inside and outside EU.
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