Al Ansari Exchange L.L.C, a leading exchange company in the UAE with the largest branch network, started as an offshoot of a flourishing general trading business of the Al Ansari family almost 60 years ago, primarily to meet the foreign exchange and remittance needs of their trading partners and customers.
With the gradual evolution and semblance of banking in the mid-1960s, the first branch was opened in Abu Dhabi in 1966. The company has made quick strides thereon and progressed to emerge as one of the largest and most popular exchange companies in the UAE.
Today, Al Ansari Exchange LLC boasts a network of more than 180 branches, employing more than 2,500 multilingual staff who cater to millions of customers with fast, reliable, and efficient service at very competitive charges. Al Ansari Exchange has launched several charitable and social initiatives and programmes related to education, health, and other charities. The company is also active in supporting relief to natural disasters in various regions of the world.
Al Ansari Exchange pledged a contribution of US$ 1 million at Gavi’s Mid-Term Review Conference in Abu Dhabi on December 2018 to support Gavi programmes for the 2019–2020 period. On 23 December 2018, Al Ansari Exchange’s Board of Directors formally approved its funding to Gavi and has elected to earmark its contribution towards the Measles Programme in Guinea, Nigeria and Senegal.
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. IFFIm proceeds are allocated over five-year periods coinciding with Gavi’s strategic periods. Proceeds for the current and future strategic periods are indicative until the end of each period and could be revised following changes in market conditions (interest rates or foreign exchange rates), the signing of new pledge(s) and/or changes in IFFIm’s disbursement profile.
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Direct Contributions (including Matching Fund)
Received contributions: non-US$ contributions for 2000-2021 and Q1-Q2 2022 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2021 and Q1-Q2 2022 where contributions were hedged to mitigate currency risk exposure, these have been expressed using the rates applicable to the hedge agreement.
Future contributions (for pledges made prior to the June 2020 donor pledging conference): non-US$ Direct Contribution and Matching Fund pledges for Q3-Q4 2022 and for years 2023 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 30 June 2022 or using the rates applicable to any hedge agreement in place.
Future contributions (for pledges at the June 2020 donor pledging conference): non-US$ Direct Contribution and Matching Fund pledges for Q3-Q4 2022 and for years 2023 and beyond are expressed in US$ equivalents using the spot rates from Bloomberg as at 30 June 2022 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2021 and Q1-Q2 2022 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
Future contributions: non-US$ contributions for Q3-Q4 2022 and for years 2023 and beyond are expressed in US$ equivalents as follows:
- For signed contribution agreements: contributions are expressed in US$ equivalents using the exchange rates at the time of signing the respective donor grant agreements.
- For contribution agreements not yet signed: contributions are expressed in US$ equivalents using the applicable spot rates from Bloomberg as at 30 June 2022.
Due to IFFIm’s nature as a frontloading vehicle, yearly contributions paid into IFFIm can differ significantly from yearly proceeds transferred to Gavi.
While IFFIm grants are irrevocable and legally binding, they are subject to a Grant Payment Condition that can potentially reduce the amount due by the donor in the event that a Gavi-supported programme country is in protracted arrears with the International Monetary Fund. As of 29 June 2021, there is no longer any reduction applied, as all countries from the reference portfolio have cleared their arrears with the IMF.