Spain joined IFFIm in 2006, as one of the original donors, with a commitment of EUR 189.5 million over 20 years. Underpinning this commitment to innovative financing, the Spanish government made a first direct contribution of EUR 30 million to Gavi in 2008 followed by a EUR 2 million contribution for 2010. ”la Caixa” support complements the commitment from the government of Spain towards Gavi in an innovative way (see section entitled la Caixa.) At Gavi’s second replenishment conference in Berlin, the Spanish Ambassador reiterated his country’s support to Gavi’s mission for the 2016-2020 period. He also indicated that Spain is looking at increasing its contributions from the private sector.
At the Global Vaccine Summit in June 2020, Spain renewed its commitment to Gavi by pledging EUR 50 million to IFFIm. During the Paris Peace Forum in November 2020, Prime Minister Pedro Sanchez announced that this new contribution would be allocated to the Gavi COVAX AMC to accelerate equitable access to COVID-19 vaccines for all countries.
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 2000-2020 and Q1 2021 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2020 and Q1 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 Q2-Q4 2021 and years 2021 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 31 March 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 Q2-Q4 2021 and for years 2021 and beyond are expressed in US$ equivalents using the spot rates from Bloomberg as at 31 March 2021 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2020 and for Q1 2021 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
'Future contributions: non-US$ contributions for Q2-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 31 March 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. IFFIm donor grant payments made during Q1 2021 were accordingly reduced by 0.5%, reflecting the number of these countries in arrears during that time. However, as the number of these countries in protracted arrears with the IMF can evolve, Gavi is not taking any assumption on future grant reduction value and reports future grants payable in full as indicated in the respective grant agreements.