The European Investment Bank (EIB) has signed an advisory agreement with Coalition for Epidemic Preparedness Innovations (CEPI) and its partners to support Covid-19 vaccine development across the world.

The agreement will also see the EIB and CEPI collaborate to improve how financial ecosystem’s pandemic preparedness, including looking at development of a new financing mechanism to mobilise capital.

EIB vice-president Ambroise Fayolle said: “Vaccine development is vital in the fight against global infections, including the current coronavirus pandemic.

“We are pleased to join forces with CEPI to jointly identify vaccine initiatives and suitable funding solutions to get these projects off the ground.

“The Bank offers numerous options for companies looking for funding to develop the next generation of vaccines in the search for solutions to global disease outbreaks.”

CEPI chief executive officer Dr Richard Hatchett added: “The Covid-19 pandemic presents the world with an unprecedented challenge.

“Developing a vaccine that is available to all is going to be the world’s best exit strategy from this crisis, protecting lives and allowing societies to return to normal.

“I am very pleased to be partnering with the EIB which will help us in our work to develop a vaccine against this deadly disease.”