The European Union (EU) will give the green light to a new vaccine contract in its bid to fight the COVID-19 pandemic, said European Commission President Ursula von der Leyen on Tuesday.

Through the purchase of up to 160 million doses of vaccines produced by American pharmaceutical company Moderna, the EU will be able to enrich its COVID-19 vaccine portfolio.

"Only a safe and effective vaccine will provide a lasting and sustainable solution to this pandemic," noted von der Leyen.

It needs to be approved by the European Medicines Agency for safety and efficiency before any vaccine is allowed to hit the European market.

Apart from Moderna, the EU's current vaccine portfolio includes purchase agreements with AstraZeneca, Sanofi-GSK, Janssen Pharmaceutica NV, BioNtech-Pfizer and CureVac.