The Kingdom of Bahrain became Gavi donor in August 2021. Under the patronage and guidance of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Prime Minister of the Kingdom of Bahrain, the Minister of Finance – H.E. Shaikh Salman bin Khalifa Al-Khalifa – had a call with Gavi CEO Dr Seth Berkley to discuss and announce a pledge of US$ 2.5 million on 17 August 2021 for COVAX AMC.
Commenting on the contribution, the Kingdom of Bahrain’s Minister of Foreign Affairs, Dr Abdullatif bin Rashid Al Zayani stressed: “We are pleased to announce the Kingdom of Bahrain’s continued support for and this contribution to COVAX.
International outreach and cooperation are at the heart of Bahrain’s ethos, and we are firm believers that the global pandemic requires cross-border solutions to suppress the virus. To truly overcome the pandemic, a universal approach is necessary to ensure no country is left behind. This shall be accomplished through a collaborative approach facilitated by knowledge and skills sharing, humanitarian assistance, or as in this case, through financial donations. The collaborative support of COVAX from GCC Member States is testament to the strength of our relations. It is only through engaging with global health partnerships, such as Gavi, that the international community will be able to suppress COVID-19.”
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.