As a recipient-turned-donor, Korea is committed to supporting the global efforts to alleviate poverty, promote sustainable growth, and achieve the internationally agreed development goals. In July 2010, the Republic of Korea became one of the first donors to Gavi in Asia with an initial direct contribution of $1 million over three years (2010–2012).
A new multiyear pledge for 2013-2017 was announced at Gavi’s Mid-Term Review meeting ( $5 million over five years), which was matched by the Bill & Melinda Foundation through their Challenge Grant. In October 2015, Korea announced a further increase for the remaining period of the current pledge by $3 million annually (total annual contribution: $4 million for 2015–2017), and later extended it until 2018.
A series of renewals reflects Korea’s further engagement with global health with the establishment of the Global Disease Eradication Fund in 2016. At Gavi’s MTR in December 2018, Korea made a new pledge with an annual contribution of $5 million from 2019 to 2021 and became the first donor to have committed its support to Gavi for the 2021–2025 strategic period.
At the Global Vaccine Summit in June 2020, Korea made an additional pledge to make the total pledge over five years $30 million. This pledge is now 18 times greater than Korea’s initial contribution to Gavi back in 2010. In addition, Korea has been a COVAX AMC donor since 2020.
In addition to the initial investment of $10 million, Korea announced an additional $200 million, split for 2021 and 2022 (for 2022, it’s a combination of grant and in-kind). This is the largest pledge to a single health-related multilateral organisation.
Proceeds are funds made available to Gavi from donor contributions and commitments, either through cash payments made to Gavi, through frontloading via the capital markets of a future donor commitment to IFFIm, or through AMC funds released to Gavi via the World Bank. IFFIm proceeds are allocated over five-year periods coinciding with Gavi’s strategic periods. Proceeds for the current and future strategic periods are indicative until the end of each period and could be revised following changes in market conditions (interest rates or foreign exchange rates), the signing of new pledge(s) and/or changes in IFFIm’s disbursement profile.
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Direct Contributions (including Matching Fund)
Received contributions: non-US$ 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.