The Coronavirus Global Response international pledging conference on May 4, 2020 — which was hosted by the European Commission together with Germany, UK, France, Japan, Italy, and Canada — raised €7.4 billion (US$8.2 billion) in pledges for the global cooperation effort to respond to COVID-19. Notably, the United States declined to participate.
The EU and its member states raised €4.0 billion (US$4.4 billion) of the total amount pledged by world leaders and foundations. The European Commission committed a total of €1.0 billion (US$1.1 billion) in grants alongside €400 million (US$442 million) in guarantees on loans, with €100 million (US$110 million) going to the Coalition for Epidemic Preparedness Innovations (CEPI), and €158 million (US$174 million) going to the WHO. However, this €1.4 billion (US$1.5 billion) pledge largely re-packages the funding the Commission has previously committed since the fundraising effort counted money already spent or allocated since January.
Of the total raised, at least US$1.4 billion was specifically earmarked for CEPI, at least US$267 million for the therapeutics accelerator, and an additional US$1.1 billion was specifically earmarked as other research and development efforts for COVID-19 vaccines, therapeutics, and diagnostics. A total of US$1.3 billion of new funding was pledged for Gavi, the Vaccine Alliance, for its 2020 replenishment.
In a strong symbolic show of unity, world leaders expressed the importance of global cooperation and solidarity to address the COVID-19 crisis, citing the need to make sure any future vaccine is equitably accessible to all.
In addition to Europe, world leaders from around the globe participated, including Prime Minister Shinzō Abe of Japan, King Abdullah II of Jordan, Prime Minister Andrej Babiš of the Czech Republic, Prime Minister Scott Morrison of Australia, and the President Cyril Ramaphosa of South Africa and African Union Chairperson. China participated at the ministerial level. High-level representatives from industry, the World Bank, WHO, Gavi, UNITAID, and others also participated.
The governance arrangements for managing the money raised is still largely to be determined, but the funds will go to three partnerships for vaccines, therapeutics, and diagnostics, to be co-convened by the following global health organizations, respectively: CEPI (jointly with Gavi), the COVID-19 Therapeutics Accelerator (jointly with UNITAID) and FIND (Foundation for Innovative New Diagnostics, jointly with the Global Fund).
Press release - European Commission
Opening remarks by President von der Leyen - European Commission
Opening remarks by President Charles Michel - European Council
Q&A: The Coronavirus Global Response - European Commission
Coronavirus Global Response webpage - European Commission