EU-led coronavirus fundraiser targets initial 7.5 billion euros

A pledging conference led by the European Union (EU) has set an initial target of 7.5 billion euros ($8.1 billion) to help end the coronavirus pandemic.

The EU will team up with partners around the globe to hold a pledging initiative, with the aim of raising urgently needed funding to develop effective coronavirus vaccines quickly and build capacity for early manufacturing at scale of diagnostics, vaccines and treatments.

Alongside the funding pledges, the initiative will also aim to secure high-level political commitment to ensuring equitable access to products created to tackle this pandemic.