The EU has been a donor to Gavi since 2003 with increasing financial and political support. Building up immunisation systems is a fundamental part of the work the EU does with Gavi and partner countries to strengthen health systems.
The European Commission has taken an active role in Gavi and in May 2014 held an event to launch Gavi’s second replenishment and increased its contribution to EUR 175 million for the period 2016-2020. This commitment was increased to a total of EUR 200 million at the replenishment conference in Berlin the following year. This marked a substantial (threefold) increase from the previous financing period. The contribution comprised EUR 70 million from the Development Co-operation Instrument (DCI) and EUR 130 million from the intra-ACP envelope of the European Development Fund (EDF). 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.
On 4 June 2020, at the Global Vaccine Summit, President von der Leyen pledged EUR 300 million to Gavi for the 2021-2025 period, marking a 50% increase in the Commission’s commitment compared to the previous period.
In 2020 the EU committed support to the COVAX Facility, with EUR 400 million in guarantees from the European Investment Bank, as part of its Global Coronavirus Response. The European Commission President then announced a contribution of an additional EUR 100 million in grant funding from the EU, to support the COVAX Facility to secure access to the future COVID-19 vaccine in low and middle-income countries. At the G7 Leaders’ Summit in February 2021, as a mark of the EU’s staunch support for Gavi and COVAX, this financial support was doubled with an additional EUR 300 million in grant funding and an additional EUR 200 million loan for the COVAX AMC.
In June 2021, at the COVAX AMC Summit, President von der Leyen announced 300m EUR in cost sharing support through EIB guarantees.
The EU has committed to donate 200 million doses of covid-19 vaccines to low-and-middle income countries, with most donations being made via COVAX.
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-Q2 2021 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2020 and Q1-Q2 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 Q3-Q4 2021 and years 2022 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 30 June 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 Q3-Q4 2021 and for years 2022 and beyond are expressed in US$ equivalents using the spot rates from Bloomberg as at 30 June 2021 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2020 and for Q1-Q2 2021 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
'Future contributions: non-US$ contributions for Q3-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 30 June 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. 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.