Sweden makes historic US$ 287 million commitment to IFFIm

Sweden makes historic US$ 287 million commitment to IFFIm

11 May 2021

On 15 April, at the “One World Protected” event to launch a campaign to raise US $2 billion for the Gavi COVAX Advance Market Commitment, Per Olsson Fridh, Sweden’s Minister for International Development Cooperation announced his country’s US$ 258.1 million (SEK 2.25 billion) in long-term funding to IFFIm to support the purchase and distribution of COVID-19 vaccines to 92 lower-income economies.

On 15 April, at the “One World Protected” event to launch a campaign to raise US $2 billion for the Gavi COVAX Advance Market Commitment, Per Olsson Fridh, Sweden’s Minister for International Development Cooperation announced his country’s US$ 258.1 million (SEK 2.25 billion) in long-term funding to IFFIm to support the purchase and distribution of COVID-19 vaccines to 92 lower-income economies. IFFIm can now issue vaccine bonds against that contribution, which made Sweden the largest Gavi contributor relative to the size of its population. The event, hosted by the United States and Gavi, was joined by more than 200 participants, including leaders from government, business, civil society, and partner organizations across the globe.

“This is an investment not only in global solidarity, but also in our common objective of putting an end to the pandemic,” Minister Olsson Fridh said. “Minimising the risk of dangerous virus variants, enabling a quicker economic recovery and minimising the already devastating impact of COVID-19 is in everyone’s best interest.”

Further, Sweden renewed it support for Gavi’s core immunisation programmes with US$ 28.7 million (SEK 250 million) in additional pledge through IFFIm. This funding will support Gavi’s work to ensure equitable access to routine immunisation for children in the world’s poorest countries. With this additional commitment, Sweden’s total contribution to Gavi’s core programmes for the 2021 -2025 period would amount to SEK 2 billion.