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Note: Proceeds are funds made available to Gavi from donor contributions and commitments, either through cash payments made to Gavi, through frontloading via the capital markets of a future donor commitment to IFFIm, or through AMC funds released to Gavi via the World Bank. Future IFFIm proceeds from new pledges made at the Berlin pledging conference are indicative and are based on certain assumptions including future interest rates and foreign exchange rates generated from financial market data, and donor payment schedules. These assumptions may differ from conditions prevailing at the time of grant and legal agreement signing, which may result in different projected and realised IFFIm proceeds.
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Non-US dollar contributions for 2000-2015 are expressed in US dollar equivalents using the exchange rates on the dates of receipt. For 2014 and 2015, where contributions were hedged to mitigate currency risk exposure, have been expressed using the rates applicable to the hedge agreement.
Non-US dollar Direct Contribution and Matching Fund pledges for years 2016 and beyond are expressed in US dollar equivalents using the forecast rates from Bloomberg as at 31 March 2016 as follows: pledges for which an agreement has been signed (for the year 2016: using the forecast rate for Q4-2016; and for the years 2017 onwards: using an average of the available yearly forecast rates), for agreements yet to be signed (using an average of available yearly forecast rates for 2016 onwards; for 2016 this consists of an average of the forecasted quarterly rates). Pledges for these years for which contributions have already been received are expressed in US dollar equivalents using the exchange rates on the dates of receipt. Non-US dollar pledges that have been hedged to mitigate currency risk exposure are expressed in US dollar equivalents using the exchange rates stated in the hedge agreements.
Signed non-US dollar IFFIm pledges are expressed in US dollar equivalents using the exchange rates at the time of signing the respective donor grant agreements. Unsigned non-US dollar IFFIm pledges are expressed in US dollar equivalents using an average of the available yearly forecast rates from Bloomberg. These contributions have not been reduced by a notional 3% provision to allow for any potential reduction arising from the High Level Financing Condition of the IFFIm Finance Framework Agreement.Additional note regarding FX rates (pertaining to outstanding pledges denominated in non-USD currencies): In light of the unprecedented volatility in FX rates in recent months, Gavi has decided to update its methodology for estimating the USD equivalent value of non-USD denominated contributions: Gavi will update its FX rate assumptions for future years using the average of the annual FX forecasted rates as published by Bloomberg at the end of each calendar quarter (or as otherwise in line with its bi-annual long-term forecasting process). This methodology is consistent with that shared and agreed with donors in Berlin in January 2015 at Gavi’s pledging meeting.
France, a G7 member state, has been a donor to Gavi since 2004 and has contributed to the Vaccine Alliance through direct contributions and IFFIm. Underpinning a strong commitment to innovative financing to meet health MDGs, France is the second largest contributor to IFFIm (26% of IFFIm commitments for 2011-2015). In 2006, France made a first commitment to IFFIm, of EUR 373 million over the period 2007-2021. An additional IFFIm pledge was made in 2007, of EUR 867 million over 2008-2026, bringing France’s total IFFIm commitment to EUR 1.23 billion.
France also made direct contributions to Gavi. From 2004 to 2010, it provided EUR 15 million of direct funding. In June 2011, France made an additional direct commitment of EUR 100 million over the period 2011-2015. In January 2015 at Gavi’s second replenishment conference in Berlin, the Minister of State for Development and Francophonie announced an additional IFFIm contribution of EUR 150 million and the launch of a EUR 100 million pilot initiative in support of the Sahel region. The latter is underpinned by an innovative financial mechanism involving the French development agency (Agence Française de Development [AFD]) and the Bill and Melinda Gates Foundation. This new innovative financial agreement was signed on June 25 by the French Minister of Foreign Affairs Laurent Fabius and Bill Gates, co-chair of the Bill and Melinda Gates Foundation, Gavi’s CEO Seth Berkley and Jean-Marc Gravellini, Director of Operations at the French Agency for Development.
Contributions and pledges in total:
France pledge announcement
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