The UK is a longstanding supporter and funder of international development, with a strong commitment to ending preventable deaths of mothers, newborns and children by 2030. The UK ensures value for money for taxpayers of all its investments and therefore the FCDO (formerly DfID) conducts occasional Multilateral Development Reviews (MDRs), which assess the major multilateral agencies that the UK funds. The 2016 MDR concluded that Gavi was one of the top performers. In addition, FCDO conducts annual reviews of the UK investments in Gavi, IFFIm and the COVAX AMC (including dose-sharing).
The UK is one of Gavi’s six original donors and the largest sovereign donor to Gavi’s core programmes, supporting Gavi through all four funding channels (direct grants, IFFIm, COVAX AMC and, before the programme came to a close, the PCV AMC).
The UK hosted Gavi’s 4 June 2020 replenishment conference, the Global Vaccine Summit, where former Prime Minister Boris Johnson pledged £1.65 billion to Gavi over 5 years, of which £290 million is 2021-2025 IFFIm proceeds and £25m for the Gavi Matching Fund. At the same event, the Secretary of State pledged US$ 60.6 million of remaining PCV AMC funds to the COVAX AMC. At the UNGA in September 2020, the Foreign Secretary pledged a further £500 million to the COVAX AMC. The UK government has also donated COVID-19 vaccines to COVAX, contributing to the more than 600 million donated doses that have been delivered to AMC countries.
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.