EU, partners seek to raise $8bn for vaccine, treatment

The European Union and its partners will host an international conference on Monday to raise $8 billion to start global cooperation on effective diagnostics, treatments and a vaccine for Covid-19.

European Council President Charles Michel, French President Emmanuel Macron, German Chancellor Angela Merkel, European Commission President Ursula von der Leyen, Italian Prime Minister Giuseppe Conte and Norwegian Prime Minister Erna Solberg issued a joint appeal on Sunday for contributions to the global response.

Saudi Arabia, the current president of the Group of 20, on Sunday guaranteed $500 million to support the fund-raising efforts and stated it will co-lead the global response.

“The pledging event intends to raise funds for the urgent need of $8 billion,” said a statement from the Saudi government. People familiar with developments said the Indian government is yet to take a call in participating in the drive.

The European leaders said in a statement they intended to raise the initial $8 billion to make up global funding shortfall estimates.