As researchers and scientists all over the world are racing time to reach a vaccine to the novel coronavirus which killed around 1.3 million people worldwide and infected more than 50 million others, $500 million are eyed to be injected in those efforts.
According to Reuters, states and private charities will commit to more than $500 million to boost research into the novel coronavirus at the Paris Peace Forum.
Organizers of the event said on Thursday that the funds would come from those participating in the ACT-Accelerator initiative, an program designed to ensure global access to COVID-19 tests, therapeutics and vaccines.
The forum is an annual meeting of heads of state and government with civil society organizations and charitable foundations.
ACT-Accelerator has been launched and supported by the World Health Organisation, the Bill and Melinda Gates Foundation, the Wellcome Trust, the European Union, France, Germany and other states and organizations.
Alone, France and Spain will be making commitments of 100 million euros and 50 million euros, respectively, while the UK government will contribute one additional British pound for each $4 announced, organizers said.
Another 100 million euros will come from the European Commission.
The ACT-Accelerator was launched in April to speed up research and development for the new disease.
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