France, a G7 member state, has been a donor to Gavi since 2004 and has contributed to the Vaccine Alliance through direct contributions and IFFIm. This support underpins a strong commitment to innovative financing to meet the health SDGs and to support health systems in the most fragile countries. France is the second largest contributor to IFFIm.
In 2006, France made a first commitment to IFFIm, of €373 million over the period 2007–2021. An additional IFFIm pledge was made in 2007, of €867 million over 2008-2026, bringing France’s total IFFIm commitment to €1.23 billion. France also made direct contributions to Gavi. From 2004 to 2010, it provided €15 million (US$ 18.7 million) of direct funding.
In June 2011, France made an additional direct commitment of €100 million over the period 2011-2015. In January 2015 at Gavi’s second replenishment conference in Berlin, the Minister of State for Development and Francophonie announced an additional IFFIm contribution of €150 million and the launch of a €100 million pilot initiative in support of the Sahel region. The latter is underpinned by an innovative financial mechanism involving the French development agency (Agence Française de Development) and the Bill & Melinda Gates Foundation. This new innovative financial agreement was signed in June 2015.
During the Global Vaccine Summit in June 2020 France announced €350 million in new contributions. €250 million was allocated to Gavi’s core programmes for 2021–2025, and €100 million was allocated to the Gavi COVAX AMC (a part of the vaccine pillar of the ACT-A initiative launched by France in May 2020 to coordinate the response to COVID-19) to ensure the equitable distribution of a future vaccine against COVID-19 once such vaccine becomes available.
In 2021 and in 2022, France pledged an additional €100 million per year, bringing France’s total contribution to COVAX to €300 million (2020–2022).
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.