Italy has contributed to the Vaccine Alliance since 2006, when they became a founding member of IFFIm and is its third largest contributor with a total commitment of €492.3. Italy also took a leading role in launching the first PCV AMC to accelerate the development and availability of pneumococcal vaccines. They were the largest donor to the PCV AMC with a pledge of US$ 635 million. At Gavi’s 2015 replenishment conference, Italy pledged an additional €100 million in direct contributions for 2016–2020.
At the Global Vaccine Summit held in London on 4 June 2020, Prime Minister Conte reaffirmed his country’s strong support to Gavi’s mission. Italy will contribute €120 million, representing a 20% increase from their previous pledge. With this pledge Italy will fund Gavi’s new COVAX AMC Initiative with US$ 103 million (including $79 million repurposed funds from the pilot PCV AMC) and provide €100 million to finance Gavi’s core mission in 2021–2025. On this occasion Italy also deepened its commitment to IFFIm and extended its contribution until 2030 with a new pledge of €150 million.
A key focus of Italy’s development strategy is to contribute to global health by strengthening the fight against inequalities in terms of the right to health (poorest countries, rural areas and suburbs, minorities and vulnerable groups). The Guidelines and Directions for Italian Development Cooperation 2019-2021 are well aligned with Gavi’s mission through a focus on health system strengthening (HSS), the fight against pandemics and access to immunisation.
Proceeds are funds made available to Gavi from donor contributions and commitments, either through cash payments made to Gavi, through frontloading via the capital markets of a future donor commitment to IFFIm, or through AMC funds released to Gavi via the World Bank. IFFIm proceeds are allocated over five-year periods coinciding with Gavi’s strategic periods. Proceeds for the current and future strategic periods are indicative until the end of each period and could be revised following changes in market conditions (interest rates or foreign exchange rates), the signing of new pledge(s) and/or changes in IFFIm’s disbursement profile.
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Direct Contributions (including Matching Fund)
Received contributions: non-US$ contributions for 2000-2022 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2022 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 years 2023 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 31 December 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 years 2023 and beyond are expressed in US$ equivalents using the spot rates from Refinitiv as at 31 December 2022 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2022 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
Future contributions: non-US$ contributions 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 Refinitiv as at 31 December 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. Since 29 June 2021, there is no longer any reduction applied, as all countries from the reference portfolio have cleared their arrears with the IMF.