European Investment Bank to raise support to WHO-led COVAX to $1.1 bln

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The head of the European Investment Bank Werner Hoyer said on Wednesday that the EU’s financial arm was ready to increase its support for the COVAX vaccine-sharing mechanism to 900 million euros ($1.1 billion) in loans.

The bank has already pledged 600 million euros in loans to the program which is co-led by the World Health Organization and Gavi, a vaccine alliance.

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“We are ready to increase this by reorientation of another 300 million euros,” Werner said at a virtual fund raising event organized by the government of Japan and Gavi.

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Read more: GAVI in talks with China’s Sinovax to expand COVAX vaccine supply

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