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World leaders are planning to raise 7.5 billion euros (around £6.6 billion) to pay towards a vaccine against Covid-19 or coronavirus.

On Friday, European Commission President Ursula von der Leyen, along with other European leaders, announced the plan for the virtual 'fundraiser' to take place on Monday 4 May.

UK Prime Minister Boris Johnson will join the video conference and will encourage the leaders to "pull together".

The meeting will be hosted by the UK, Canada, France, Germany, Italy, Japan, Norway, Saudi Arabia and the European Commission.

The European Commission is made up of representatives from each of the countries in the European Union.

Neither the United States nor China will be taking part.

The world leaders plan to raise a huge amount of money - around £6.6 billion - to pay for a vaccine that prevents coronavirus.

Currently, there are lots of people around the world working on a vaccine.

In the UK, scientists Imperial College London and the University of Oxford are working hard on a possible vaccine which has already had lots of support from Prime Minister Boris Johnson.

The cash raised his will be used to support the development of treatments, tests and ultimately the mass production of a vaccine if one can be found.

The UK has pledged to give £388m in aid funding for research into tests, treatments and vaccines.

In the past, vaccines have stopped the spread of dangerous diseases like small pox and polio.

Some people are concerned that both the United States and China are not taking part in the meeting.

They are two of the most powerful countries in the world.

It is thought that there might be some competition between them to be the first to create a vaccine.