The “Team Europe” has chosen to contribute 230 million euros to the COVAX mechanism through a loan to the European Investment Bank. This will be supplemented by 170 million euros in financial guarantees directly borrowed from the European Union budget.

COVAX is the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, a global collaboration to accelerate the development, production, and equitable access to COVID-19 tests, treatments, and vaccines.  Team Europe is ready to offer expertise and resources to the COVAX Facility to accelerate and scale-up the development and manufacturing of vaccines for citizens across the world, in poor and rich countries. The European Commission is committed to ensuring that everyone who needs a vaccine gets it, anywhere in the world and not only at home.