The European unions and their associates will host an international pledging conference on May 4 to raise $8 billion to encourage global cooperation on treatments, effective diagnostics and a vaccines for Coronavirus.
European Council President Charles Michel, German Chancellor Angela Markel, French President Emanuel Macron, Italian Prime Minister Giuseppe Conte, European Commission President Ursula von der Leyen and Norwegian Prime Minister Erna Solberg issued a joint appeal on Sunday for contributions to the COVID19 global response.
Saudi Arabia, the present Press of the G20, on Sunday promised $500 million to support the fund raising efforts and said it will co-lead the global COVID19 response.
The pledging events aims to increase funds for the urgent need of $8 billion, which the Global Preparedness and Monitoring Board stated to immediately required to deliver and develop a Coronavirus vaccine along with diagnostics and therapeutic resources, mentioned in a statement from the Saudi Arabia government.
The European leaders mentioned in a statement that they calculated to raise the initial $8 billion to make up a global funding shortfall calculated by the Global Monitoring and Preparedness Board.
The funds that we increase will stimulate an unequalled global cooperation between regulators and scientists, governments and industry, healthcare professional and foundations, international organisations, the statement said.
All the funds will be forwarded through recognised global health organisations such as Vaccine Alliance, Gabi, CEPI, Global fund and Unitaid to deploy and develop as quickly as possible and as many as possible, the vaccines, the diagnostics and treatments that will help the world overcome the pandemic, it added.
The European leaders said they will also support the WHO and join forces with entitles such as Wellcome trust, Bill and Melinda Gates Foundation for developing diagnostics and treatment.