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 places a strong emphasis on ensuring value for taxpayers’ money in all of its investments. To achieve this, the FCDO conducts periodic Multilateral Development Reviews (MDRs) to assess the major multilateral agencies that receive UK funding. In the 2016 MDR, Gavi was recognised as one of the top performers. Furthermore, the FCDO conducts annual reviews of the UK’s investments in Gavi, IFFIm and the now-closed Gavi COVAX AMC. This rigorous evaluation process helps maintain accountability and effectiveness in Gavi’s programmes.
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 and, before the programmes came to a close, the Gavi COVAX AMC and Pneumococcal AMC.
The UK plays a pivotal role in supporting global vaccination efforts. At the Global Vaccine Summit hosted by the UK on 4 June 2020, former Prime Minister Boris Johnson pledged £1.65 billion to Gavi over a span of five years. This commitment included £290 million in 2021–2025 IFFIm proceeds and £25 million for the Gavi Matching Fund. During the same event, the Secretary of State pledged US$ 60.6 million from the UK’s remaining PCV AMC funds to the Gavi COVAX AMC.
At the United Nations General Assembly (UNGA) in September 2020, the UK’s Foreign Secretary pledged an additional £500 million to the Gavi COVAX AMC. The UK Government also actively contributed to COVAX by donating COVID-19 vaccines, playing a significant role in delivering more than 700 million donated doses to eligible Gavi COVAX AMC countries. This demonstrates the UK’s strong commitment to global health and equitable 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 and Q1-Q2 2023 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014–2022 and Q1-Q2 2023 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 2023 and for years 2024 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 30 June 2023 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 2023 and for years 2024 and beyond are expressed in US$ equivalents using the spot rates from Refinitiv as at 30 June 2023 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2022 and Q1-Q2 2023 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
Future contributions: non-US$ Direct Contribution and Matching Fund pledges for Q3-Q4 2023 and for years 2024 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 30 June 2023 or using the rates applicable to any hedge agreement in place.
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.