During the virtual G7 leaders' meeting, European Commission President Ursula von der Leyen announced that the EU will double its contribution to COVAX, a global vaccine initiative that aims to ensure universal and equitable access to COVID-19 vaccines, by providing an additional €500 million (US$605 million).
The contribution is composed of a new €300 million (US$363 million) grant and a €200 million (US$242 million) loan from the European Investment Bank (EIB) backed by guarantees through the European Fund for Sustainable Development (EFSD+).
This brings the EU's total grant contribution amount to COVAX to €400 million (US$487 million) and the total amount in guarantees to €600 million (US$730 million).
COVAX is the vaccine pillar of the Access to COVID-19 Tools Accelerator (ACT-A), an initiative to ensure global, equitable access to COVID-19 medical tools, including diagnostics, treatments, and vaccines. The World Health Organization (WHO) said that the new contributions to ACT-A announced by G7 leaders during their virtual meeting bring the total committed to US$10.3 billion, reducing the overall funding gap to US$22.9 billion.