The country will use the state's borrowed funds to make the contribution. The money will be used to support potential vaccine developers by financing part of vaccine development and production capacity costs jointly with other contributing countries.
"Most countries have supported a wider portfolio of vaccine candidates whose developers would receive support from the ECI. It includes vaccine candidates that are developed based on different technological methods," the Health Ministry said.
"The aim is to increase the probability of creating a successful vaccine against COVID-19 as soon as possible," it added.
According to the ministry, the European Commission has informed Lithuania that some 2.1 billion euros have already been allocated from the ESI Fund budget for the development of vaccines, but member countries are asked to contribute a total of 750 million euros additionally.
Lithuania is taking part in the EU's joint procurement of coronavirus vaccines from a number of developers. It is said that the country may have to pay up to 125 million euros for COVID-19 vaccines.