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Note: Proceeds are the funds made available to Gavi for the period from donor contributions and commitments, either through cash payments made to Gavi, through the frontloading via the capital markets of a donor future commitment to IFFIm, or 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.
All 2000-2015 direct and Gavi Matching Fund contributions are recorded in US dollars at the actual exchange rates for the day of cash received. All 2016 direct and Gavi Matching Fund pledges are expressed in US dollars at 31 December 2015 exchange rates. All 2017-2035 direct and Gavi Matching Fund pledges are expressed in US dollars 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.
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Contributions comprise direct contributions already received by Gavi from donors, contributions made to IFFIm and the AMC donor contributions to the World Bank. All 2000-2015 direct, Matching Fund, and AMC contributions are recorded in US dollars at the actual exchange rates for the day of cash received. 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 December 2015 (for the year 2016: using the forecasted rate for Q4 2016; and for the years 2017 onwards: using an average of the available yearly forecast 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 for these years that have been hedged to mitigate currency risk exposure are expressed in US dollar equivalents using the exchange rates stated in the hedge agreements.
All 2000-2015 IFFIm contributions are recorded in US dollars 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.
A key focus of Italy’s development strategy is to contribute to global health by strengthening the fight against inequalities in terms of the right to health (poorest countries, rural areas and suburbs, minorities and vulnerable groups). Their Global Health Strategy 2014-2016 is well aligned with Gavi’s mission through the focus on the health of women and children, prevention and control of infectious, chronic and non- communicable disease; and health system strengthening. In addition, Italy has a keen interest in innovative finance and their priority countries include all Gavi eligible countries in sub-Saharan Africa, Asia and Latin America (except El Salvador).
Italy has contributed to the Vaccine Alliance since 2006 when they became a founding member of the IFFIm and is its third largest contributor with a 20-year commitment of EUR 473.5 million. At Gavi’s pledging conference in London in 2011, Italy pledged an additional EUR 25.5 million to IFFIm. Italy also took a leading role in launching the first AMC to accelerate the development and availability of pneumococcal vaccines. They are the largest donor to the AMC with a pledge of USD 635 million. At Gavi’s replenishment conference in Berlin 2015, Italy pledged an additional EUR 100 million in direct contributions for 2016-2020.
Contributions and pledges in total:
Italy pledge announcement
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