The European Commission has been a donor to Gavi since 2003. The European Commission makes direct contributions to Gavi, which come in part from the Development Co-operation Instrument (DCI) and in part from the intra-ACP envelope of the European Development Fund (EDF). The investments from the European Commission benefit the African, Caribbean and Pacific countries, having a profound impact upon the millions of children living in these regions. The EU investments are in the form of reimbursable grants, with approximately one-year lag for the payment, that cover activities over more than one year.
The European Commission contributed USD 58 million between 2003 and 2010. At Gavi’s pledging conference in June 2011, the EU committed an additional EUR 10 million to Gavi from the DCI and EDF financing instruments.
In May 2014, the European Commission opened Gavi’s replenishment launch event in Brussels with a pledge to increase its contribution to the Vaccine Alliance to EUR 175 million for the period 2016–2020. It was also the first time the EU pledged over 7 years. At the Berlin conference the EU pledged to contribute EUR 200 million to Gavi for the 2016–2020 period, an increase of EUR 25 million from their initial pledge announced in 2014. This marks a substantial (threefold) increase from the previous financing period. The contribution comprises EUR 70 million from the DCI and EUR 130 million from the EDF instruments.
Contributions and pledges in total:
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 2000-2019 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2019, where contributions were hedged to mitigate currency risk exposure, these have been expressed using the rates applicable to the hedge agreement.
Future contributions: non-US$ Direct Contribution and Matching Fund pledges for years 2020 and beyond are expressed in US$ equivalents using the applicable 'forecast rates' from Bloomberg as at 31 December 2019 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2019 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
Future contributions: non-US$ contributions for years 2020 and beyond are expressed in US$ equivalents as follows:
Where the contribution agreement has been signed: contributions are expressed in US$ equivalents using the exchange rates at the time of signing the respective donor grant agreements
Where the contribution agreement has not yet been signed: contributions are expressed in US$ equivalents using the applicable 'forecast rates' from Bloomberg as at 31 December 2019
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 in the event that a programme country is in protracted arrears with the International Monetary Fund. As of 31 December 2019, IFFIm donor grant payments are reduced by 1.5%, however such reductions are not reflected in future contributions figures.