Belgium became a donor to the Gavi COVAX AMC in December 2020 when Minister Meryame Kitir, Minister of Development Cooperation and of Major Cities, announced a € 4 million contribution. The universal right to health and healthcare is the principle that underlies Belgian Development Cooperation with regard to health. Belgium believes that developing an effective and sustainable healthcare system is the best way to ensure this right.
Minister Kitir outlined: “International solidarity is the only answer to stop COVID-19. COVAX is the multilateral initiative that will also give the poorest countries access to the vaccine. Our contribution – € 4 million in 2021 – is not only a well-considered contribution, but also a substantial one. It is a powerful signal, taking into account our carrying capacity. This is the essence of international solidarity: each country contributes according to its own capacities.”
This support was further reinforced in 2021 when Prime Minister De Croo announced, at the COVAX AMC Summit, that Belgium would donate four million doses to the COVAX AMC, which was later increased to nine million doses.
At the end of 2021, Belgium made the first pledge to the COVAX AMC for 2022, with a contribution of €8 million, including €5 million for vaccines and delivery, and €3 million to cover the ancillary costs of donations. This reaffirmed Belgium’s commitment to global access to vaccines.
At the Global COVID-19 Summit co-hosted by the United States, Belize, Germany, Indonesia, and Senegal, Prime Minister De Croo reaffirmed Belgium’s 2022 commitment to the COVAX AMC and pledged up to an additional €10 million for the ancillary costs needed for vaccine donations.
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.