TOKYO -- Members of the Group of Seven are considering a plan to invest up to several billion dollars in a research organization to develop a vaccine for the novel coronavirus.
The G-7 wants to fund the nonprofit Coalition for Epidemic Preparedness Innovations to speed development and introduction of a vaccine, bypassing the private sector completely.
Members of the Group of 20, including China and India, will also be asked to join the project.
The Norway-based CEPI is a joint public-private initiative that produces vaccines. The coalition was established in 2017 through funding provided by Japan and a number of European countries to develop vaccines for new infectious diseases that are capable of causing a pandemic, including Ebola virus.
G-7 ministers, central bank chiefs and financial ministers held teleconferences to discuss the project and agreed on the urgency of joint funding provided by advanced countries.