In search for coronavirus vaccines, 40 countries and donors pledged donations for the development as well as for the diagnosis and treatment of COVID-19.
In an online summit hosted by the European Commission, the organization was able to collect more than $8bn worth of pledges. This will finance vaccine development and research on the nature, diagnosis, and treatment of the disease.
EU Commission President Ursula von der Leyen said the fund would help build an unprecedented global cooperation.
She emphasized that the event reflects true value of unity and humanity. However, she pointed out that much more would be needed in the coming days.
Overall, there are more than 30 countries, along with the United Nations and philanthropic bodies and research institutes, that pledged donations.
Pop singer Madonna is also one of the donors, according to von der Leyen, who led the Brussels-led initiative on Friday.
The European Commission pledged $1bn to finance research on a vaccine. Norway gave the same amount as the European Commission's contribution. France, Germany, and Saudi Arabie pledged €500m each. Japan pledged over $800m.
The US and Russia did not participate in the summit. Meanwhile, China, where the virus sprang in December, joined through its ambassador to the European Union.
From the collected funds, authorities will allocate $4.4bn to vaccine development, according to the EU. Moreover, some $2bn will go to the search for a treatment and $1.6bn to producing tests.
In her opening remarks, von der Leyen encouraged everyone to contribute to support "a truly global endeavour".
"I believe 4 May will mark a turning point in our fight against coronavirus because today the world is coming together," she said.
"The partners are many, the goal is one: to defeat this virus," she added.
Meanwhile, UK Prime Minister Boris Johnson, another co-host of the conference, said the "more we pull together" in sharing expertise, "the faster our scientists will succeed" in developing a vaccine.
Johnson, who spent in intensive care due to COVID-19, confirmed the UK's pledge of £388m for vaccine research, testing, and treatment during the summit.
Other co-hosts include the UK, France, Canada, Italy, Germany, Japan, Norway and Saudi Arabia.
Italian Prime Minister Giuseppe Conte, French President Emmanuel Macron and German Chancellor Angela Merkel also have participated in the initiative.
In their open letter published in weekend newspapers, the world leaders announced the funds raised would "kickstart an unprecedented global co-operation between scientists and regulators, industry and governments, international organisations, foundations and healthcare professionals".
"If we can develop a vaccine that is produced by the world, for the whole world, this will be a unique global public good of the 21st Century," they noted.
Moreover, the signatories expressed their support for the World Health Organization as they face criticism about how they managed the coronavirus outbreak.
The UN says only a vaccine will help people return to normal life.
Meanwhile, scientists across the world are conductive research projects aiming to develop a vaccine.
Experts say it will take time to know which vaccines are effective. They say it could take about 12-18 months after the new virus first appeared for a vaccine to become available.
