Board-2026-Mtg- 02-Doc 02-Annex A 1
Report to the Board
1-2 July 2026
Annex A: Technical report on Gavi 5.0/5.1 indicators
This is a technical report providing definitions of and progress against Mission and
Strategy Goal indicators in the Gavi 5.0/5.1 measurement framework. The technical
report is populated based on available data and updated bi -annually. The newly
available data for 2025 included in this report relates to Mission Goal M1 and Strategy
Goals S1.4, S3.1, S3.3, and SG4. The remaining indicators will be updated in
September 2026.
Note on target trajectories:
In the below graphs, the dotted lines represent the projected annual trajectory that
was forecasted when we set 2025 targets with the PPC/Board in May 2021; our
assumption was that coverage would return to 2019 coverage levels in 2021, with the
exception of India which would take until 2022. This was noted in a footnote in the
PPC paper on the Gavi 5.0 Measurement Framework at the time (PPC -2021- Mtg-2 -
Doc 04):
To account for COVID -19- related disruptions and recovery, it is assumed that
vaccine coverage returns to 2019 levels by 2021, with the exception of India,
which we assume returns to 2019 levels in 2022 and sub- national three doses
of pneumococcal conjugate vaccine (PCV3) scale up takes an additional year.
Gavi 5.0 Mission Indicators
M.1: Under -five mortality rate – Updated April 2026

By increasing access to immunisation and
enabling equal access to new and
underused vaccines, Gavi support is
contributing to the reduction in under-five
deaths from vaccine- preventable
diseases.

The under - five mortality rate in the 57
lower-income countries supported by Gavi
fell from 5 9 to 52.6 deaths per 1,000 live
births between 2019 and 2024 – a n 11 %
reduction from baseline. We have thus
exceeded
our Mission target of a 10%
reduction by 2025. Estimates for 2025 will
be available in early 2027.

Board-2026-Mtg- 02-Doc 02b-Annex B 1
Report to the Board
1-2 July 2026

Annex B: H uman Papillomavirus (HPV) revitalisation detailed update
Section 1: Executive Summary
The HPV vaccine programme, a Must -Win for the Alliance in Gavi 5.0/ 5.1, has
delivered on the revitalisation overall goal or reaching 86 million girls with the HPV
vaccine and the strateg ic objectives to : i) accelerate quality introductions; ii) rapidly
improve global and national coverage; and iii) generate long- term programmatic
sustainability by integrating HPV vaccination into routine delivery mechanisms and
Primary Health Care (PHC). As HPV revitalis ation was a Must-Win priority for
Gavi 5.0/ 5.1, the Board requested bi -annual updates. This annex provides updates on
HPV scorecard performance and implementation of the strategic shifts supporting the
revitalisation goal for the period between September and December 2025, with the
final update planned for October 2026 .
Section 2: Programme Status (Update to the HPV Scorecard)
Under the HPV measurement framework, the scorecard is used to track progress
across the Impact, Outcome, and Output levels. All indicators with available data were
achieved by the end of 2025. Performance on the remaining indicators will be
confirmed in July 2026, following the release of the WHO and UNICEF HPV coverage
estimates.
Figure 1: Performance against HPV Scorecard indicators in Gavi 5.0/ 5.1

Board-2026-Mtg- 02-Doc 02-Annex C 1
Report to the Board
1-2 July 2026

Annex C: Malaria vaccine programme update
Section 1 – Executive Summary
The Malaria Vaccine Programme (MVP), identified as a strategic priority under
Gavi 5.1, has continued to progress in response to sustained country demand and
remains broadly on track as it transitions into the Gavi 6.0 strategic period. To date,
the Independent Review Committee (IRC) has recommended 26 countries for sub-
national introduction of malaria vaccines
1, including a subset approved for further
scale -up in moderate- to high- transmission areas. As of March 2026, 25 countries
have introduced the vaccine, with 13 countries scaling up t o reach between 85-100%
of eligible children in moderate and high transmission areas . A dditional countries are
forecasted to introduc e and scale -up the vaccine in Gavi 6.0.As part of the transition
to the Gavi 6.0 strategic period, the scope of the Malaria Vaccine Programme is now
capped at up to 70% of the population in moderate to high transmission areas,
compared to the previous cap of 85% instituted in June 2024. Countries currently
implementing beyond 70% will be supported through a proportional reduct ion in 2027
and 2028 , while maintaining programme continuity and minimi sing disruption to
ongoing delivery. Mobilisation of additional domestic resources and external financing
will be ke y in maintaining and expanding malaria vaccine programmes.
T he programme is increasingly focused on achieving and sustaining high coverage
and optimi sing delivery strategies. Countries are strengthening programme
performance through ongoing learning on integrated service delivery , routine
immuni sation strengthening , and targeted community engagement. Early evidence
indicates continued improvements in vaccine uptake across multiple countries after 9
to 12 months of introduction. T he malaria vaccine learning agenda has also advanced,
including the completion of key analytical components in ongoing implementation
research projects in seven countries focusing on uptake increase and seasonality, to
inform programme optimi sation and policy decisions. This annex summari ses
programme performance, scale- up progress, and key lessons learned.







1 One country is IRC -approved for subnational malaria vaccine introduction, but will be required to submit a new
holistic application ( Gambia).

Board-2026-Mtg- 02-Doc 02b-Annex D 1
Report to the Board
1-2 July 2026
Annex D: Big Catch -Up (BCU)
Context and objectives of the Big Catch -Up
The Big Catch- Up was a global immunisation recovery initiative launched in April 2023
by the Gavi Secretariat, WHO, UNICEF and partners in response to the significant
backsliding in routine immunisation coverage caused by the COVID -19 pandemic. It
was esti mated that over 60 million children missed out on routine immunisation in
Gavi -supported countries during the pandemic
1. Its core purpose has been to close
immunity gaps created by the disrupted services, restore global immunisation
levels and strengthen immunisation systems so that catch-up activities become an
integral part of routine immunisation programmes. At the time, catch- up of older
children who missed vaccination was not systematically done or enabled under
existing immunisation policies in many Gavi -eligible countr ies. The BCU had three
interlinked goals. First, it aimed to reach and vaccinate un - and under -immunised
children up to 5 years of age, particularly those who missed vaccines between 2019
and 2022. Second, it sought to restore national immunisation coverage to at least
pre -pandemic (2019) levels. Third, it focused on strengthening immunisation
systems within primary health care, so that countries are better equipped to
routinely identify, reach and vaccinate missed children in the future. These goals
reflect a deliberate balance between short -term recovery and longer -term system
resilience by embedding catch- up vaccination as an essential function of national
immunisation programmes, aligned with the Immunisation Agenda 2030 and Gavi’s
strategic ambitions.
In December 2023, the Gavi Board approved US$ 290 million in funding to provide
additional vaccines for the BCU and agreed that these should be provided without any
co -financing obligation. The Secretariat provided flexibilities to countries to use
existin g cash support, including COVID -19 delivery support, to support delivery of
these vaccines. At the time of approval, the Board acknowledged the risks of the BCU,
and that these could not be fully mitigated. It encouraged the Alliance to treat the BCU
as an emergency and do its best to manage risks through operational processes.
Agreed risk mitigation measures included assessment of in- country stock, phasing of
supply, and an assessment of outstanding co -financing liabilities. WHO and UNICEF
also committed to develop a robust monitoring and learning agenda to track
implementation and impact of the BCU and identify lessons to strengthen routinised
catch -up immunisation going forward.
BCU implementation approach
The BCU has been implemented as a “One Alliance” effort , with clearly defined roles
across partners at global, regional, and country levels. Countries led implementation
through their existing immunisation programmes, deciding whether to launch

1 Estimated that ~20% of children that missed routine immunisation in 2020-2022 were missed due to pandemic
related disruptions; the remainder likely would have been missed even without a pandemic.

gavi.org
02b – ANNEX E – SUSTAINABILITY OF
IMMUNISATION PROGRAMMES
BOARD MEETING
1 -2 July 2026, Geneva, Switzerland
1
Policy shifts included in this analysis
2 Presentation Footer
Key takeaways
Co -financing | Overview of the impact of major updates to the
Eligibility, Transition, and Co -financing (ELTRACO) policy from
the Gavi Dec 2024 Board onwards
• Shift A: Cofinancing for HPV/PCV in ISF countries move from
US$ 0.20/dose flat rate to a price fraction
• Shift B: Gavi’s eligibility threshold decreased from US$ 2,300 to
US$ 1,810 GNI/capita
• Shift B′: One -time downward co -financing share adjustment to 80% for
countries regaining eligibility (NGA, TLS)
• SIDS package : 4 -year AT extension for Small Island Developing States
and 80% one -time downward co -financing share adjustment
• Shift C: PT co -financing share cap at 80%
• NVI Floor: Setting a US $ 0.20 /dose floor for routine NVIs in PT and AT
• Malaria: Rolling back the exceptional approach to malaria co -financing
for PT and AT countries, aligning with standard co -financing
• Campaign July 2025: Re -calibration of campaign co -financing shares at
5-10 -20% for ISF -PT -AT across all campaign types except for outbreak
response
• Campaign July 2026: Re -calibration of campaign co -financing shares at
2-15 -25% for ISF -PT -AT across all campaign types except for outbreak
response; proposed reduction by 50% for campaign integration
• In aggregate, the updates from Dec 2024 to July
2026 to the ELTRACO policy reduce country
co -financing by an estimated ~US$ 154 million
• However, the impact of the updated policy is
variable with some countries seeing lower co -
financing and some countries seeing higher co -
financing, primarily depending on a country’s
transition status
• A limited set of countries account for the bulk
of co -financing reductions , in particular Nigeria,
Kenya, Angola and Pakistan
• 34 of 56 countries (61%) pay more under the
current ELTRACO policy — primarily due to
higher campaign co -financing rates and faster
malaria ramp schedules
DATA: Please note that the completion of the analyses in this deck are based on data extracted from multiple sources; and use simplifying assumptions. As a result, certain data
points may not fully reconcile across analyses.
Update 1
Update 2 July 2025
Update 3

1


Board-2026-Mtg -02-AFC Committee Chair Report
Report to the Board
1-2 July 2026

Subject Audit & Finance Committee Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the Audit and Finance
Committee ’s (AFC) activitie s since the Chair last reported to the Board in
December 2025. Since the last Board meeting, the AFC has convened three
times: virtually on 18 February , in Geneva on 7 -8 May , and virtually again on
4 June .
• The Committee recognises that the Secretariat has been managing a significant
internal reorganisation in the first half of the year at the same time as
transitioning to a new strategic period. The successful delivery of the H1 AFC
workplan has provided the Committee with confidence that, despite the
substantial changes at the Secretariat, the organisation has demonstrated
resilience and continued focus on key financial, governance and control
activities. The committee will continue to monitor execution in its future
meetings.
• During scheduled meetings, the AFC addressed recurring matters in
accordance with the standard workplan , including the 2025 Financial Statement
Audit, Gavi 6.0 Financial Forecast , Currency Hedging Strategy and Liquidity,
Updated Risk Appetite Statement, and an update on Digital & Technology
Strategy and Solutions .
• In addition, the AFC held several technical briefing sessions in relation to
Treasury ’s Currency Hedging Strategy, Gavi Alliance Risk Appetite Statement ,
and the A lliance forecasting process , which included a deep- dive of the
forecasting methodology , and PPC ’s prioritisation l ogic.
• Lastly , the following topics were discussed in closed sessions: Secretariat
Review, including progress on achieving the Gavi 6.0 Budget, Market Shaping
Deal s, Global Fund Task Force, Alliance Roles & Responsibilities, 6.0 Grant
Agreement Provisions .
• The Committee will continue to focus effort s on high priority areas.
• AFC decisions and recommendations to the Board are attached as Annex A.
• Subjects reviewed are noted under Section B and matters to be reviewed in
upcoming meetings are presented under Section C.

1


Board-2026-Mtg -02-EAC Committee Chair Report
Report to the Board
1-2 July 2026

Subject Evaluation Advisory Committee Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the activities of the
Evaluation Advisory Committee ( EAC) since the Committee Chair last reported
to the Board in December 202 5.
• The EAC held a virtual meeting on 18 -19 March 2026. The Committee provided
formal guidance on the Gavi 5.1 evaluation workplan close- out, the Gavi 6.0
Evaluation Workplan, the evaluation policy revision and approval pathway, and
interim ways of working for the evaluation function, as well as collaboration with
the Global Fund .
• The Committee was updated on the design of the Measurement, Evaluat ion
and Learning (M EL) 6.0 approach, which introduces a more integrated and
adaptive approach to evidence generation, learning, and performance
management. The EAC highlighted the importance of maintaining strong
evaluation capacity and the critical role of evaluation in identifying blind spots,
addressing evidence gaps, and supporting adaptive management, in light of the
organisational reforms and evolving funding environment .
• The EAC took note of the closure of key Gavi 5.1 evaluations, including the
Joint COVAX and Zero- Dose (ZD) evaluations (available online) , with
dissemination and follow -up actions ongoing. These evaluations continue to
inform strategic and operational decisions for Gavi 6.0, including country
ownership, funding models, and programmatic priorities, building on the strong
evidence base established during the Gavi 5.0 period.
• The EAC reviewed progress on the Gavi 6.0 evaluation workplan, including the
initiation of new evaluations, notably:
o Big Catch -Up (BCU) evaluation : inception phase now complete and
implementation underway , with emerging findings due in mid- July and
draft report in late August.
o Private Sector Engagement Strategy (PSE) evaluation: inception phase
now complete and implementation underway, with a draft report due in
July 2026 to inform the Gavi 6.0 PSE strategy development .
• The EAC endorsed refinements to timelines, including approval to shift the
African Vaccine Manufacturing Accelerator (AVMA) evaluability assessment to
Q3/Q4 2026, pending further Board guidance. The evaluability assessment will
help ensure the feasibility of undertaking a useful and credible evaluation as
per the Board approved AVMA MEL framework .

1


Board-2026-Mtg -02-GC Committee Chair Report
Report to the Board
1-2 July 2026

Subject Governance Committee Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the activities of the
Governance Committee (GC) since the Committee Chair last reported to the
Board in December 2025. It reflects the Committee's work during its meetings
of 1 December 2025 , 10 March, 24 March , and 19 May with a focus on
strengthening Gavi's governance framework, supporting Board effectiveness,
overseeing governance- related appointments, and providing strategic guidance
on governance reform and accountability.
Over the reporting period, the Committee concentrated on four key governance
priorities:
• Advancing the Board and Board Committee evaluation. The Committee
met on 10 March to agree on the Terms of Reference (ToR) for the Request for
Quotations (RFQ), initiating the search for an external firm to conduct the 2026
Board and Committee evaluation. The Committee also discussed themes and
priorities for the upcoming evaluation and agreed that it should be more
ambitious than previous reviews and focus on whether Gavi's governance
model is fit for purpose in an evolving global health environment. Discussions
highlighted Board composition, skills, continuity, delegation of authority,
fiduciary oversight, adaptability, and strengthening implementing country
participation while maintaining an effective Board size. The Committee will
oversee the evaluation process and continue to shape its scope and
methodology.
• Strengthening implementing country representation and governance
inclusivity. The Committee established and received updates from a task force
responding to requests from the Implementing Country Caucus for stronger
Board representation, increased leadership opportunities on Board
Committees, and greater diversity among unaffiliate d members. Discussions
explored options including expanded leadership roles for implementing country
representatives , and these issues will be considered further through the Board
evaluation process. The Committee also reviewed proposals to enhance
support for implementing country constituencies and encouraged clearer
communication, stronger engagement structures , and more efficient support
models.
• Maintaining effective governance structures and oversight. The
Committee reviewed governance performance indicators, noting progress and
challenges related to governance workload, meeting attendance, gender
balance, and the timely production of meeting minutes. Members supported
continued use of artificial intelligence tools and streamlined reporting processes

gavi.org
INVESTMENT COMMITTEE
CHAIR REPORT
BOARD MEETING
Yibing Wu
1-2 July 2026, Geneva, Switzerland
Annex A
Gavi Portfolio Allocation (US$ 1.7 billion)
1
12%
20%
42%
21%
3%
1%
2 Board Meeting, 1-2 July 2026
Fixed Income - High Quality $192 M
Fixed Income - Yield Seeking $332 M
Equity $683 M
Diversifiers $341 M
Private Equity $52 M
Real Estate $25 M
Data as of 30 April 2026.
(1) Includes LODH cash US$ 35 million and US$ 19 million Advanced Contributions.
Year Net Investment Income
2020 + US$ 125 M
2021 + US$ 88 M
2022 - US$ 104 M
2023 + US$ 150 M
2024 + US$ 123 M
2025 + US$ 176 M Annex A

1


Board-2026-Mtg -02-IFFIm Chair Report
Report to the Board
1-2 July 2026

Subject IFFIm Board Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the activities of the
International Finance Facility for Immunisation (IFFIm) since the Chair last
reported to the Board in December 2025.
• The IFFIm Chair report is attached in the form of a presentation as Annex A .
Section B: IFFIm Board Chair Report
• In 2026, the International Finance Facility for Immunisation (IFFIm) marks its
20th anniversary, celebrating two decades of mobilising the capital markets in
support of global immunisation through Gavi. Since issuing its inaugural
US$ 1 billion bond on 7 November 2006, IFFIm has delivered US$ 6.6 billion in
funding for Gavi ‑supported programmes.
• IFFIm’s 20
th year has also been marked by a significant capital market
transaction. In April 2026, IFFIm issued a US$ 1 billion bond, coming full circle
by returning to the issuance size of its first transaction. In advance of the
issuance, IFFIm Board members, Secretariat staff and World Bank
representatives (the World Bank is IFFIm’s Treasury Manager) undertook an
extensive investor engagement programme, holding 42 investor meetings
across 11 cities in 8 European countries, alongside virtual meetings with
investors in the United States and the Middle East.
• The transaction was met with very strong demand, attracting orders of
approximately US$ 3.8 billion, almost four times the issuance size. This
outcome reflects continued investor confidence in IFFIm and reaffirms its
long‑ standing role in transforming long‑ term donor commitments into
immediate, predictable funding for immunisation programmes. With this latest
transaction, IFFIm has raised more than US$ 11 billion across 45 transactions
in capital markets around the globe. The bond matures on 29 April 2031 and
carries a semi ‑annual coupon of 4% per annum , representing a spread of 15.8
basis points versus the reference five‑ year US Treasury. Barclays Bank PLC,
BNP Paribas and HSBC Bank PLC acted as joint lead managers for the
transaction.
• During the 2021– 2025 period, IFFIm provided a total of US$ 3.3 billion in
support of Gavi programmes, comprising US$ 2.3 billion for core funding and
US$ 975 million for COVAX Advance Market Commitment ( AMC) support.

1


Board-2026-Mtg -02-PPC Committee Chair Report
Report to the Board
1-2 July 2026

Subject Programme and Policy Committee Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the activities of the
Programme and Policy Committee (PPC) since the Committee Chair last
reported to the Board in December 202 5.
• The PPC held an in- person meeting on 12-13 May 2026. During the meeting,
the Committee discussed a number of important topics for the Alliance and
agreed on recommendations which are being put forward to the Board at its
1 - 2 July 202 6 meeting for consideration.
• These decisions include the Gavi 6.0 Market Shaping Strategy, which is being
presented on the Board’s consent agenda, alongside other key Gavi 6.0
policies and approaches to be discussed by the Board on 1– 2 July. These
include: (i) the Vaccine Budget Policy , (ii) the Health Systems and Immunisation
Strengthening Policy, (iii) the Strategic Approach to Campaign Optimisation,
(iv) the Fragile and Humanitarian Approach, (v) the African Vaccine
Manufacturing Accelerator, (vi) Alliance Roles and Responsibilities, (vii)
Measurement and Evaluation Targets, and (viii) Fragility Support to Ukraine.
• Following the World Health Organization’s (WHO) declaration on 17 May 2026
of a Public Health Emergency of International Concern (PHEIC) in respect of
the outbreak of Ebola, the Gavi CEO propose d amending AVMA’s key terms to
allow African -manufactured vaccines approved under WHO Emergency Use
Listing (EUL) to be designated a Priority Vaccine under AVMA . As this arose
after the PPC met, this decision will appear in the decision block separately, as
a recommendation from the CEO rather than the PPC , under the AVMA paper.
• The PPC Chair report is attached in the form of a presentation as Annex A and
the list of PPC recommendations to the Board are attached as Annex B.
Annexes
Annex A: PPC Chair report
Annex B : PPC recommendations to Gavi Alliance Board

1
Classified as Internal
gavi.org
JOINT ALLIANCE UPDATE
ON COUNTRY DELIVERY
BOARD MEETING
Thabani Maphosa
Ephrem Lemango
Kate O’Brien
1-2 July 2026, Geneva, Switzerland
2
Classified as Internal
1. AT –Accelerated Transition
2. BCU –Big Catch- up
3. BD HepB –Hepatitis B vaccine birth dose
4. CCE/ CCEOP – Cold chain equipment optimisation platform
5. CSO –Civil Society Organisations
6. CDS –Covid -19 Delivery Strengthening
7. CRS –Congenital rubella syndrome
8. DHS –Demographic and health surveys
9. DRC –Democratic Republic of Congo
10. DTP3 –Third dose of diphtheria, tetanus and pertussis -containing
vaccine
11. EAF –Equity Accelerator Fund
12. ELTRACO –Eligibility, Transition and Co- financing
13. eLMIS–Electronic Logistics Management Information System
14. EPI –Expanded Programme on Immunisation
15. F&C –Fragile & Conflict Countries
16. F&H –Fragile & humanitarian approach
17. FED –Fragility, Emergencies and Displaced Populations policy
18. FMoH –Federal Ministry of Health
18. GMRs – Grant Management Requirements
19. GRM – Gavi Resilience Mechanism
20. Hexa – Hexavalent vaccine
21. HSS – Health Systems Strengthening
22. HI – High Impact Countries
23. HPV – Human Papilloma Virus
24. INGOs – International Non- governmental Organisations
25. IRC – Independent Review Committee
26. LMC – Leadership, management & Coordination
27. MAC – Multi -age cohort
28. MCV1 – First dose of measles containing vaccine
29. MICs – Middle -Income Countries
30. MMR – Mumps, Measles, Rubella
31. MOH – Ministry of Health
32. NITAG – National Immunisation Technical Advisory
Groups
33. OOC – One- off costs
34. PEF – Partners engagement framework
35. PCV – Pneumococcal conjugate vaccine
36. PIRI - Periodic Intensification of Routine
Immunisation
37. RI – Routine immunisation
38. R+MAC – Routine + Multi -age cohort
39. Rota – Rotavirus
40. SDG -PF – Sustainable Development Goals
Programme for Results
41. SIAs – Supplemental immunisation
activities
42. SIDs – Small Island Development States
43. TA – Technical Assistance
44. TCA – Targeted Country Assistance
45. VCF – Vaccine Catalytic Financing
46. VPOP – Vaccine portfolio optimisation
47. WUENIC - W HO/UNICEF Estimates of
National Immunisation Coverage
48. ZD – Zero -dose
49. ZDC – Zero -dose children
50. ZIP – Zero -dose Implementation
Programme
Board Meeting, 1- 2 July 2026
List of acronyms