What’s behind the global €7.4 billion vaccine pledge?

The European Union has joined the race to develop a vaccine against the coronavirus by securing pledges worth 7.4 billion euros. Nations from around the world joined the European Commission’s pledge conference on Monday as the worldwide death toll from the virus exceeded a quarter of a million. Commission President Ursula von der Leyen is calling it a victory for global cooperation. But the fundraiser was just as notable for the no-shows.
United Nations Secretary-General Antonio Guterres described the funds as a “downpayment”. He said that to reach everyone everywhere, the world must raise five times that amount.
But how exactly shall the 7.4 billion euros going to help in fight against the coronavirus?