The European Union (EU) Commission said on Monday that it had pledged some €400 million towards global efforts to accelerate the development of vaccines for the Covid-19 virus which has claimed over 840,000 lives globally.

The Commission has confirmed its interest to participate in the Covid-19 Vaccine Global Access Facility (COVAX) Facility for equitable access to affordable COVID-19 vaccines everywhere, for everyone who needs them.

Ursula von der Leyen, the President of the European Commission, said global collaboration is the only way to overcome a global pandemic.

"Under the Coronavirus Global Response and the Global Goal Unite campaign, we have seen the world come together as one,” she said.

"Almost €16 billion have been pledged so far and the most talented researchers and organisations are pooling their efforts to deliver vaccines, tests and treatments, which will be our universal common good,” she added.

Von der Leyen is confident the Commission’s contribution will bring the experts closer to the goal of beating this virus.

The COVAX Facility, co-led by Gavi – the Vaccine Alliance – the Coalition for Epidemic Preparedness Innovations (CEPI) and WHO, aims to accelerate the development and manufacture of Covid-19 vaccines and to guarantee fair and equitable access for every country in the world.

The €400 million commitment will be raised through the EU Commission, member states and European financial institutions such as the European Investment Bank (EIB).

The detailed terms and conditions for the EU’s participation and contribution will be worked out in the coming days and weeks, the Commission said in a statement.

The EU’s participation in COVAX will be complementary to the ongoing EU negotiations with vaccine companies that aim at scaling up manufacturing capacity of vaccine producers, contributing to global efforts.