Berlin, March 17: The German government has approved contracts worth 2.86 billion euros ($3.15 billion) for the procurement of Covid-19 vaccines until 2029.

The contracts with five companies grant long-term access to production capacities in the event that the pandemic continues, or a new wave emerges, according to a joint statement from the Ministry for Economic Affairs and Climate Action (BMWK) and the Ministry of Health (BMG). Israel Reports New COVID-19 Variant; All You Need to Know About The Symptoms And Risks Related to it.

The companies, BioNTech, CureVac/GSK, Wacker/CordenPharma, Celonic and IDT, are to receive an annual standby fee to ensure that these capacities are kept available, and that vaccine production can be ramped up quickly if necessary.

"We have learned the lessons from the Covid-19 pandemic and the initial vaccine shortage," said Minister for Economic Affairs and Climate Action Robert Habeck.

"We are securing vaccine production and supply for the coming years."

Since the start of the pandemic, 196.6 million doses of Covid-19 vaccines have been delivered to inoculation centres, mobile teams, medical practices, company physicians and pharmacies in Germany.

(The above story first appeared on LatestLY on Mar 17, 2022 02:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website