China Merchants Charitable Foundation (CMCF) is a grant-making foundation solely funded by the China Merchants Group. The group focuses on livelihood improvement, poverty alleviation, and sustainable development. China Merchants Group (CMG), headquartered in Hong Kong, is a USD 130 billion industrial leader with three core business sectors: logistics, finance, and urban development in China and assorted emerging markets.
In 2017, CMCF pledged USD 1.5 million through Gavi’s matching fund to support childhood immunisation in developing countries from 2017-2019. This multi-year pledge from CMG is the first agreement of its kind signed between Gavi and a private sector company in the Asia Pacific region and has been matched by the Bill and Melinda Gates Foundation, bringing the sum to USD 3 million.
The objective of the partnership is to improve the availability of and access to life-saving vaccines by harnessing the power and innovation of a global industry leader to the benefits of children in lower income countries. CMCF’s contribution will further support Gavi’s mission in saving children’s’ lives and protecting people’s health by increasing equitable use of vaccines. Their funding will be used to support vaccine programs in selected Gavi countries.
Note: 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 2000-2020 and Q1 2021 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2020 and Q1 2021 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 Q2-Q4 2021 and years 2021 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 31 March 2021 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 Q2-Q4 2021 and for years 2021 and beyond are expressed in US$ equivalents using the spot rates from Bloomberg as at 31 March 2021 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2020 and for Q1 2021 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
'Future contributions: non-US$ contributions for Q2-Q4 2021 and for years 2021 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 31 March 2021.
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. IFFIm donor grant payments made during Q1 2021 were accordingly reduced by 0.5%, reflecting the number of these countries in arrears during that time. However, as the number of these countries in protracted arrears with the IMF can evolve, Gavi is not taking any assumption on future grant reduction value and reports future grants payable in full as indicated in the respective grant agreements.