European Union

COVID-19 Summary of Government Financial Support Europe and Middle East 19 August 2020

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU) Financing Facility Support What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available?

Coronavirus  Initiative proposed by the  The measures are  The eligibility criteria are  The European  Funds available from 1  European Response European Commission to addressed to member set out through the Commission has set up February 2020. Commission Investment provide a coordinated approach states. The respective principle pieces of a task force to  The co-legislators communication on the Initiative (CRII) for member states to manage federal or regional legislation (and their coordinate the allocation (Council of the EU and broader coordinated the public health emergency. authorities allocate the proposed amendment by of funds between European Parliament) response for the  A total of €102 billion is funds. Regulation on CRII): member states. This will have approved the COVID-19 outbreak. envisaged:  Particular focus should - Regulation (EU) determine the funding proposal.  European each region will be − €37 billion European be given to: 1301/2013 on the Commission press European Regional receiving to allocate to release on the CRII Structural Investment Fund - Provide support to the businesses in need. (ESIF) healthcare sector Development Fund measures. − €65 billion divided into: (i) - Provide liquidity to - Regulation (EU)  European €7.9 billion from the EU corporates (e.g. 1303/2013, for the Commission Q&A on budget, (ii) €29 billion of SMEs) various EU Structural the CRII+. Funds structural funding across the − Support short time  Regulation (EU) EU and (iii) €28 billion of as of national working - Regulation 508/2014 2020/460 on the yet unallocated structural schemes. on European Maritime Coronavirus funds. and Fisheries Fund. Response Investment  On 2 April 2020, the European  The specific criteria on Initiative published in Commission launched the the allocation of funds to the Official Journal of CRII+, which are a new set of regions are determined the EU on 31 March measures to mobilise support in partnership 2020 and entered into against the COVID-19 outbreak. agreements and force on 1 April 2020; These are flexible measures programs negotiated it is directly applicable that would allow for: between the European to member states. - Transfer possibilities across Commission and the the three cohesion policy respective member funds (the European Regional states. Development Fund, European  The federal or regional Social Fund and Cohesion authorities direct the Fund) funds to their regions - Transfers between the according to the needs different categories of regions and based on the criteria determined by each - Flexibility related to the individual partnership thematic concentration of agreement. funds

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available? − Simplification of procedural steps linked to programme implementation, use of financial instruments and audit. Liquidity  €1 billion available in an EU  Support intended for  The COVID-19 support  By completing a set of  For the InnovFin SME  European Measures for budget guarantee to the small and medium criteria for the InnovFin documents available Guarantee Facility funds Commission SMEs European Investment Fund enterprises defined SME Guarantee Facility here for the InnovFin available from 6 April communication on the (EIF) via the European Fund for under EU are available here. SME Guarantee Facility, 2020 until 31 March broader coordinated Strategic Investments (EFSI). recommendation  The COVID-19 support and another set of 2021. response for the  The EIF will provide liquidity and 2003//361 (further criteria for the COSME documents here for the  For the COSME Loan COVID-19 outbreak. guarantees to banks, mobilising information available Loan Guarantee Facility COSME Loan Guarantee Facility funds  European Investment €8 billion in working capital here) via financial are available here. Guarantee Facility. are available from 6 April Bank press release. financing. intermediaries. 2020 until 31 December  In addition, the European  The funding is eligible 2020. Investment Bank (EIB) under the InnovFin SME  Interested parties should proposed to mobilise another Guarantee Facility apply on the COVID-19 €40 billion of financing divided (research-based and specific funds until 30 into: innovative SMEs and June 2020. small mid-caps in EU - €20 billion of financing member states and dedicated guarantee Horizon 2020 Associated schemes to banks based on Countries1) and the existing programmes for COSME Loan immediate deployment. Guarantee Facility - €10 billion of financing (SMEs in EU member dedicated liquidity lines to states and COSME banks to ensure additional Associated countries2), working capital support for both subject to the EIF. SMEs and mid-caps.  Financial, credit - €10 billion support dedicated institutions or loan (debt) asset-backed securities funds are the main (ABS) purchasing targets under the programmes to allow banks to InnovFin SME Guarantee Facility.

1 https://ec.europa.eu/research/participants/data/ref/h2020/grants_manual/hi/3cpart/h2020-hi-list-ac_en.pdf 2 https://ec.europa.eu/research/participants/data/ref/other_eu_prog/cosme/legal/3rd-country-participation_en.pdf

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available?

transfer risk on portfolios of  Guarantee schemes, SME loans. guarantee institutions or other credit financial institutions are the financial intermediaries within the COSME Loan Guarantee Facility. Emergency  The European Commission  Addressed to member  European Commission  Member states to  From 1 February 2020  Amended Budget Support decided to directly support the states' healthcare to manage the funding request funding from the applicable until 31 here. Instrument for the healthcare systems of EU systems. process and set out the European Commission. January 2022.  Council Regulation healthcare sector member states. The criteria for funding based Further application (retroactive application). (EU) 2020/521 to Commission will thus mobilise: on partnership criteria to be determined  Council of the EU activate emergency - €3 billion from the EU budget, agreements with by partnership approved the proposal support published in of which €2.7 billion will be respective member agreements between a for a Regulation. the Official Journal of channelled through the states, as laid out in the member state and the the EU. Emergency Support humanitarian aid European Commission.  European Instrument framework (Council Regulation (EC) Commission press - €300 million though the 1257/96). release. rescEU medical equipment capacity.  Indicative (but non- exhaustive) actions in  These funds are available under scope can be found on the EU's General Budget. ANNEX 1 of the  Additional contributions will be Proposal for a Council possible from member states Regulation to activate and also individuals, emergency support. foundations and even crowd funding. RescEU stockpile  Increase in the total budget of  Reorganisation of EU  The Commission will  The stockpile will be  Available from 20 March  European rescEU3 stockpile of medical spending for the year in finance 90% of the hosted by one or several 2020. Commission press equipment (ventilators, line with the latest stockpile. member states. The release protective masks and essential priorities to secure  The Emergency hosting state will be  European medical gear) to €80 million. funding for these Response Coordination responsible for procuring Commission  The proposal includes further operations. Centre will manage the the equipment. Implementing COVID-19 related financial distribution of the  Member states that host Decision support: equipment to ensure it rescEU stockpiles can

3 EU Civil Protection Mechanism.

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available? − €350 million of migration goes where it is needed apply for a direct grant management assistance to most based on a fast- from the European Greece track public procurement Commission. 90% of the − €3.6 million for the European process. grant covers costs of the Centre for Disease stockpile and the Prevention and Control remaining 10% will be covered by the − €100 million to help Albania respective member recover from the devastating state. earthquake on 26 November 2019  €3.3 million additional funding for the European Public Prosecutors' Office (EPPO) to boost its 2020 budget. Temporary  State aid (i.e. government  All companies  The relaxation of state  Application for state aid  Available from 1  Communication for a Framework for support that gives a company a requesting state aid from aid rules is available for: ordinarily follows the February 2020 until the Temporary State Aid competitive advantage over their governments. - Direct grants, broader state aid end of December 2020. Framework for State other companies) is prohibited,  Amongst others: selective tax procedures under Article  For the recapitalisation Aid measures. unless there are justified 107 of the Treaty of - Three French support advantages and measures introduced in  European reasons of general economic advance payments – Functioning of the EU. the amended Temporary Commission press development. schemes related to commercial loans and Member states can  There is, however, a Framework; the measure release.  The European Commission credit lines (here) set up schemes to much faster procedure of is available until end adopted a State Aid Temporary grant up to €800,000 approval under these June 2021.  Communication for an Framework which provides - Danish guarantee to a company in order flexible rules: amendment of the scheme for SMEs to address urgent Temporary flexibility to the existing state aid - Member state submits rules. A template for the (here) liquidity needs Framework for State a state aid scheme Aid measures. notification of measures that will - German loan - State guarantees for based on the template compensate companies that programs within loans taken by of notification of  European have suffered damages. promotional bank companies from banks measures Commission press (here) - Member states can release on amended  On 8 May, the European  European Commission provide guarantees to Temporary Commission adopted an - Italian support scheme will respond within days ensure banks keep Framework. amendment to the Temporary for supply of medical (thus far it has been 48 providing loans to Framework, which extends the devices and PPE hours upon receipt)  Communication for a scope of state aid schemes (here) customers who need third amendment on flexibility to recapitalisation aid - UK Coronavirus them the Temporary to non-financial companies and Business Interruption - Subsidized public Framework for State subordinated debt aid to Loan Scheme (CBILS) loans to companies - Aid measures.

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What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available?

companies. Certain conditions to support SMEs Member states can  European have been introduced, namely: (here)4. grant loans with Commission press - The necessity, favourable interest release on third appropriateness and size of rates to companies to amendment to the intervention cover immediate Temporary working capital and Framework. - The state's entry in the capital investment needs of companies and  European remuneration - Safeguards for banks Commission that channel state aid dedicated site and - The exit of the state from the to the real economy - Coronavirus website. capital of the companies Some member states concerned plan to build on banks' - Governance conditions: existing lending beneficiaries are banned from capacities, and use dividends and share them as a channel for buybacks support to businesses, - Prohibition of cross- particularly SMEs; the subsidisation and acquisition communication ban. clarifies that such aid is considered as direct  On 29 June, the European aid to the banks' Commission adopted a third customers, not to the amendment of the Temporary banks themselves, Framework. The amended aims and gives guidance on to provide public support to all how to ensure minimal micro and small companies distortion of even if they were in financial competition between difficulty before 31 December banks 2019. - Short-term export credit insurance − Designation of countries as "not- marketable risks"5,

4 Considering that the UK is currently under the transition period after its withdrawal from the EU, EU law remains applicable to the UK until 31 December 2020. Thus, state aid rules and notification procedures still apply. 5 As marketable risks can be temporarily unavailable due to the current crisis, member states may use the exemption for non-marketable risks of paragraph 18 (d) of the Communication from the Commission on short- term export-credit insurance: "if the Commission, after having received a notification from a Member State, decides that due to a shortage of export-credit insurance, certain risks are temporarily non-marketable for

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available? enabling short-term export credit insurance to be provided by the state. - Recapitalisation and subordinated debt measures – based on conditions laid out on the first column. Coronavirus  The European Commission  Addressed to European  No specific criteria.  N/A  Co-legislators approves  European Banking Package announced on 28 April COVID- banks and credit Flexibility measures are the amended legislative Commission Press 19 banking package aiming to institutions applicable through the proposals. Release provide flexibility in bank lending crisis.  Entry into effect on 27  Regulation (EU) to businesses and households June 2020. 2020/873 was throughout the EU.  However, provisions published in the  The package consists of a regarding exposures Official Journal of the proposal for a regulation, which excluded from the total EU on 26 June 2020 provides adjustments to exposure measure will and entered into force maximise the capacity of credit apply from 28 June on 27 June 2020. institutions to lend and to absorb 2021. losses linked to the COVID-19 and an interpretative Communication explaining the proposed to the EU's accounting and prudential frameworks. Support to  Temporary measure introduced  Addressed to member  This fund will be based  Member state submits a  Funds available from 1  European mitigate in response to the COVID-19 states to focus on short- on a system of voluntary request to the European February 2020 Commission Press Unemployment crisis by the European term work schemes for guarantees from Commission together (retroactive application) Release. Risks in an Commission. The temporary employees or similar member states. Thus, a with appropriate and shall be available  Regulation (EU) fund would provide: measures for the self- minimum amount of evidence of the need to until 31 December 2022 Emergency 2020/672 on the employed. committed guarantees access funds. unless otherwise agreed (SURE) - Up to €100 billion will provide establishment of a loans granted on favourable will be needed (25%).  The member state can, by an amendment of the European instrument  Funds to be given to upon receipt of the regulation. for temporary support member states to to mitigate exporters in the notifying Member State." A marketable risk as defined under the communication is "commercial and political risks with a maximum risk period of less than two years, on public and non-public buyers of all Member States, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland, United States of America."

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What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available?

terms from the EU to member complement national funds, allocate them  The Finance Ministers unemployment risks in states measures to mitigate the accordingly. approved this proposal an emergency  Up to €25 billion of guarantees direct economic and on 9 April, within a (SURE) was voluntarily committed by negative social effects broader financial published in the member states to the EU budget due to the COVID-19 emergency fund. Official Journal of the EU and entered into to leverage the financial power crisis.  The proposal for a force on 20 May of SURE. regulation was also 2020. approved on 23 April by the EU27 heads of state. Eurogroup • Finance ministers of the • Addressed to member • On the SURE package, • On the SURE package, • On the SURE package,  More information on Financial Eurogroup (i.e. the 19 Eurozone states and businesses. see description above. see description above. see description above. the broader support Emergency Fund countries), together with the • On the SURE package, • On the businesses loans • On the businesses loans • On the businesses, the package is available non-euro countries, agreed on 9 see description above. from the EIB, the from the EIB, the loans by the EIB, these here. April 2020 a financial eligibility criteria will be application process will will be available, once  More information on emergency fund of €540 billion. • Regarding businesses, the European determined by the EIB's be determined by the member states have the business lending • The support package focuses Investment Bank (EIB) PPF. EIB's PPF. made the necessary fund, is available on three areas: established a €25 billion  Regarding the member  Concerning the ESM commitment to account here. for at least 60% of the ‒ National un-employment guarantee fund, which state support, when a Pandemic Crisis Support  More information on EIB's capital. A€25 schemes (SURE package aims to deliver the €200 country requests to Mechanism, a country the ESM role for the billion guarantee fund is described above) worth of billion for the European access the ESM would request access Pandemic Crisis already announced in €100 billion economy. Pandemic Crisis Support the funds. Support Mechanism this context. ‒ For businesses, the European • The guarantee fund will Mechanism, it has to be can be found here. Investment Bank will provide be part of the EIB's unanimously approved • Regarding the ESM €200 billion business lending structure of Partnership by the ESM Board of Pandemic Crisis Support to support businesses across Platform for Funds Governors (19 euro Mechanism, the funds Europe (PPF). finance ministers). will be available once  Lastly, for member states, a approved by the EU27 Pandemic Crisis Support heads of state. Mechanism under the European • The EU27 heads of state 6 Stability Mechanism (ESM) will approved the financial be established, which would package on 23 April amount to about 2% of member 2020. It shall become states' GDP, aiming to assist effective on 1 June European economies to access 2020. financial assistance of close to

6 The ESM is an intergovernmental organization providing financial assistance to Eurozone countries when experiencing financing problems.

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available? €240 billion with standardized terms. Next Generation  As Heads of State were unable  Addressed to Member  Criteria to be determined  Application for funding is  Co-legislators are now  The 27 May European EU Recovery to compromise on the EU States. in each individual determined in each required to negotiate and Commission package Instrument (not Recovery Instrument, the However, as many of the proposed measure individual proposed adopt legislation on the of proposals include: available yet) European Commission was funds will be channelled and/or EU funding measure and/or EU basis of the NGEU deal. (i) a Communication tasked to come up with a through existing EU program. funding program. Negotiations would outlining the EC’s proposal based on the related instruments and funding commence in September Next Generation EU economic needs. programs, many 2020. Recovery Instrument  On May 27, the European measures would be Plan with a Staff Commission unveiled its plans beneficial also for Working Document for a major Recovery Plan of the businesses. and (ii) a EU of a total €1.85 trillion which Communication includes a new €750 billion outlining the recovery instrument called the revamped EU Budget ‘Next Generation EU’, for the Recovery Plan embedded within a €1.1 trillion and its Annex. The revamped EU budget. measures were accompanied by new  The Next Generation EU or amended Instrument plans to raise and legislative proposals, invest money based on the accessible here. Commission’s policy ambitions.  On 21 July EU Heads of States reached a new deal on the package for the 7-year EU budget €1,074.3 billion and the Next Generation EU (NGEU) Recovery Fund which remain at €750 billion.  According to the deal, the funds for the NGEU Instrument will be borrowed by the European Commission on the capital markets. Out of this, €360 billion will be loans to Member States and €390 billion will be grants.

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available?

 The funds of the NGEU will be disbursed to Member States via the EU’s existing instruments and programs. The borrowing activity will last until the end of 2026 and the repayment would be scheduled until the end of 2058. The money raised for the NGEU Instrument will be invested across three pillars:  Supporting Member States with investments and reforms (ii) rebooting the EU economy by incentivizing private investments, and (iii) addressing the lessons of the crisis and preparing for future crises.  In more detail, the deal adapted the funding of the NGEU funding through the following instruments:  A ‘Recovery and Resilience Facility’ of €672.5 billion aiming to support investments and reforms (incl. in green and digital transitions) and to strengthen the resilience of national economies. This will be a grant-based facility of €312.5 billion and of loans to €360 billion;  The ‘REACT-EU’ will provide additional €47.5 billion to the current cohesion policy programmes between now and 2022;

What help is What does the help entail? Which companies are What is the criteria (if How to apply When will the finance Relevant links available? eligible? any) for applying? be available?

 Additional €10 billion to the Just Transition Fund, to assist the faster transition of Member States towards climate neutrality;  Additional €7.5 billion to reinforce the ‘European Agricultural Fund for Rural Development’ to support rural areas.  Upgrading the ‘InvestEU’, with an additional €5.6 billion to mobilise private investment in projects across the EU;  Reinforcing the EU’s Civil Protection Mechanism, ‘rescEU’ with an additional €9.2 billion; and  Increasing the EU’s Research & Innovation program, ‘Horizon Europe’ with an additional €5 billion bringing the total budget to €80.9 billion. Pandemic  €750 billion stimulus package  Available to the  The PEPP enables the  No application required  Purchases will be  The information on Emergency announced by the European Eurosystem's Central Eurosystem central by companies - conducted until the end the ECB's response is Purchase Central Bank (ECB) to buy Banks. banks to purchase7: purchases will be carried of 2020. available here. Programme government and corporate  This will include all the − Eligible marketable out flexibly to achieve  The European Central bonds to assist sovereign debt monetary policy (PEPP) asset categories eligible debt securities Bank's Decision is markets. objectives. under the existing asset − Eligible corporate available here. purchase programme bonds and other (APP) currently marketable debt supporting Central instruments Banks. − Eligible covered bonds

7 The eligibility of the marketable assets listed are financial instruments that are admitted to trading on a market and that fulfil the eligibility criteria laid down in Part Four of the ECB's Guidelines (ECB/2014/60) on the implementation of the Eurosystem monetary policy framework.

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

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 Eligible asset-backed securities. Financial Aid  Financial assistance under the  Available to countries  A country is eligible if  Application criteria for  Funds available from 1 • European under the European Union Solidarity Fund negotiating their major natural disasters countries to apply for the February 2020, (funds Commission press European Union (major public health emergency) accession to the EU to are striking its regions. European Union can be applied release. Solidarity Fund to assist countries negotiating assist with public health  In particular the Solidarity Fund can be retroactively). • Regulation (EU) their accession to the EU. systems and socio- Regulation (EU) found on the website.  The European 2020/461on the  Immediate financial assistance economic recovery. 2020/461 extends the  Applications need to be Commission would Financial Aid for up to €38 million announced for  Respective countries to legislation to "major submitted to the accept applications countries negotiating the Western Balkans' public decide on allocation of public health European Commission under the European accession to the EU health systems to tackle the funds. emergency".9 within 12 weeks of the Solidarity Fund until 24 published in the Official Journal of the health emergency caused by  Respective country's date of the first official June 2020. EU on 31 March 2020 COVID-19 and reallocation of authority to decide how action against the  Co-legislators (Council and entered into force €374 million to help the socio- to allocate funds. emergency. of the EU and European 8 on 1 April 2020; it is economic recovery of the Parliament approved the directly applicable to region. legislation. member states.  The public health need is divided between: - Albania and North Macedonia − up to €4 million each - Bosnia and Herzegovina − €7 million - Montenegro − up to €3 million - Kosovo − up to €5 million - Serbia − up to €15 million. Team Europe • As part of the EU's global • The following territories • The EU would provide N/A  Financial support funds  European Package response to the COVID-19 can access the financial humanitarian and are available Commission Press outbreak in coordination with the support funds, which will financial support in line  The MFA proposal for Release on the Team United Nations, the G7 and the be attributed as follows: with the approach neighbouring countries Europe proposals. G20, it released financial ‒ €3.25 billion to Africa agreed at the G20 and has been adopted by the  European support to address immediate ‒ €1.19 billion to promoted by the UN. co-legislators. Commission Press health crisis and measures to Northern African

8 €46.7 million to Albania, €73.5 million to Bosnia and Herzegovina, €50 million for Montenegro, €62 million to North Macedonia, €78.4 million to Serbia and €63 million to Kosovo. 9 Defined as "any life-threatening or otherwise serious hazard to health of biological origin in an eligible State seriously affecting human health and requiring decisive action to contain further spreading resulting in a public financial burden inflicted on the eligible State for emergency response measures estimated at over EUR 1 500 000 000 in 2011 prices, or more than 0.3% of its GNI."

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squirepattonboggs.com COVID-19: Summary of Government Financial Support to Businesses as at 13 August 2020 European Union (EU)

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mitigate the socioeconomic neighbourhood  The funds of the MFA Release on the MFA impact of EU's partner countries countries will be available for 12 proposals. (e.g. countries in Western ‒ €1.42 billion in months.  Decision 2020/701 to Balkans, Africa, Middle East, guarantees for Africa provide macro- Latin America, etc.). and the financial assistance to • The Joint Communication neighbourhood neighbouring introduces various actions to countries countries was that effect. Underpinning these ‒ €2.1 billion for the published in the actions is a financial support of Southern 10 Official Journal of the more than €15.6 billion from Neighbourhood EU and it entered into existing external action ‒ €962 million for force on 28 May resources. the Eastern Partner 2020. countries11 • The European Investment Bank ‒ €800 million for already contributed €5.2 billion the Western as part of this project. Balkans12 and Turkey • An additional €3 billion in ‒ €1.22 billion to support emergency funds has been Asia and the Pacific announced to provide macro- ‒ €291 million to the financial assistance (MFA) to 10 Caribbean and Pacific enlargement and region neighbourhood partners to help ‒ €918 million to Latin them support citizens and America and the businesses from the economic Caribbean fallout of the COVID-19 ‒ €111 million to pandemic. The MFA will be overseas countries available in the form of loans of and territories. highly favourable terms. • The MFA will be attributed as follows: ‒ €180 million to Albania ‒ €250 million to Bosnia and Herzegovina

10 This includes Algeria, Egypt, Israel, Jordan, Lebanon, Libya, Morocco, Palestine, Syria and Tunisia. 11 This includes Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine. 12 This includes Bosnia and Herzegovina, Montenegro, Albania, Serbia, Kosovo and North Macedonia.

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‒ €150 million to Georgia ‒ €200 million to Jordan ‒ €100 million to Kosovo ‒ €100 million to Moldova ‒ €60 million to Montenegro ‒ €160 million to North Macedonia ‒ €600 million to Tunisia ‒ €1.2 billion to Ukraine Coronavirus • The European Commission led • Recipients of funds can • Organisations within or • Through reaching out to • Funding available.  European Global Response a Coronavirus Global Response include public sector (to supporting the three the co-convenor of one Commission Press pledging event on 4 May 2020, attribute to research partnerships: (i) of the three partnerships. Release funding), industry, vaccines, (ii) where it gathered €7.4 billion • Some of the funds will  Further information from donors worldwide. researchers and any therapeutics or (iii) be attributed to funding can be found on the other organisation diagnostics. • The Coronavirus Global programs (e.g. EU's European involved in the Horizon Europe) where Commission Response Initiative is comprised partnerships for research of three partnerships towards specific grants will be factsheet. and developments as applicable. establishing universal well as deployment of diagnostics, treatments and the three key priorities: vaccines against COVID-19. (i) vaccines, (ii) • Each partnership will include therapeutics and (iii) relevant actors, such as public diagnostics. sector, industry, research, funders, regulators or international organisations, which jointly will develop actions to cope with COVID-19. • The pledging resources, which will be managed by the European Commission, can have the form of cash

Key Contacts Wolfgang A. Maschek Christina Economides Partner, Brussels Public Policy Advisor, Brussels T +322 627 11 04 T +322 627 11 05 E [email protected] E [email protected]

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