Italy deepens support for Gavi with €150 million IFFIm pledge
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- Italy deepens support for Gavi with €150 million IFFIm pledge
Italy deepens support for Gavi with €150 million IFFIm pledge
June 1, 2020
Credit: Gavi/2020/Christophe Da Silva
- Pledge follows €120 million in direct funding to Gavi Italy announced at last month’s Coronavirus Global Response pledging conference
- The funding builds on Italy’s previous investments in Gavi’s innovative financial tools – IFFIm and the Advance Market Commitment
- Gavi’s record of success makes it “an obvious and essential element of the global arsenal against COVID-19,” said Roberto Gualtieri, Italy’s Minister of Economy and Finances
London, 1 June 2020 – Italy has announced a new commitment of €150 million, to be paid in equal installments from 2026 to 2030, to the International Finance Facility for Immunisation (IFFIm), which will issue bonds on international capital markets against this and other long-term donor funding to accelerate the availability of financing for Gavi, the Vaccine Alliance’s programmes.
The pledge comes only a month after Prime Minister Giuseppe Conte announced at the European Union-hosted Coronavirus Global Response pledging conference that Italy would provide €120 million in funding for Gavi to support the vaccination of hundreds of millions of children against diseases like pneumonia, measles and polio as well as universal access to a COVID-19 vaccine. That pledge represented an increase over Italy’s previous €100 million five-year direct pledge for the 2016 to 2020 period.
“Italy is intensifying its investment in Gavi because, over the last two decades, the Alliance has proven itself as one of the most transformative tools of global health progress,” said Roberto Gualtieri, Italy’s Minister of Economy and Finances. “Gavi’s record of success makes it an obvious and essential element of the global arsenal against COVID-19, which continues to cause death and devastation on a scale that the world has not witnessed for generations, and IFFIm is an important part of what Gavi brings to this effort. Like many countries, Italy has suffered from the wrath of the pandemic, and we place equal access to health care at the top of our list of global development priorities. We are therefore pleased to build on Italy’s long-time support for Gavi and IFFIm, which aim to neutralise the growing COVID-19 threat and ensure that widespread immunisation for other dreadful diseases continues in developing countries.”
“Gavi’s success is built on partnerships across many countries and sectors around the globe, and Italy has been an especially important part of that network,” said Dr Seth Berkley, CEO of Gavi. “We very much welcome Italy’s growing investment in Gavi and IFFIm, whose work has never been as urgent as it is today. With Italy’s help, Gavi is supporting the development and equitable deployment of eventual COVID-19 vaccines, and it is working hard to preserve hard-won immunisation gains in Gavi-eligible countries, whose health systems are straining under the rising burden of the pandemic.”
Italy, which previously committed €499 million (US$ 635 million) to IFFIm over 20 years, is one of its founding and leading donors. Italy also took a leading role in launching the first Advance Market Commitment to accelerate the development and availability of pneumococcal vaccines, and it is the largest donor to the AMC with a pledge of US$ 635 million.
“We are extremely grateful to Italy for this significant support during these challenging times when flexible financing for Gavi is of such importance,” said Cyrus Ardalan, chair of IFFIm’s board of directors. “Italy’s new, long-term support provides IFFIm with the resources necessary to help Gavi extend life-saving vaccines to every child in the world and to take on the COVID-19 crisis.”
Italy’s announcement comes shortly before the UK-hosted Global Vaccine Summit on June 4, when world leaders will finalise pledges for a combined total of at least US$ 7.4 billion for Gavi’s 2021 to 2025 programme period. The funding will help countries immunise 300 million children in the world’s poorest countries against diseases like measles, polio and diphtheria, support health systems to withstand the impact of COVID-19 and enable the roll out of a COVID-19 vaccine, once developed, on a global scale.
Notes to editors
About Gavi, the Vaccine Alliance
Gavi, the Vaccine Alliance is a public-private partnership that helps vaccinate half the world’s children against some of the world’s deadliest diseases. Since its inception in 2000, Gavi has helped to immunise a whole generation – over 760 million children – and prevented more than 13 million deaths, helping to halve child mortality in 73 developing countries. Gavi also plays a key role in improving global health security by supporting health systems as well as funding global stockpiles for Ebola, cholera, meningitis and yellow fever vaccines. After two decades of progress, Gavi is now focused on protecting the next generation and reaching the unvaccinated children still being left behind, employing innovative finance and the latest technology – from drones to biometrics – to save millions more lives, prevent outbreaks before they can spread and help countries on the road to self-sufficiency. Learn more at www.gavi.org and connect with us on Facebook and Twitter.
The Vaccine Alliance brings together developing country and donor governments, the World Health Organization, UNICEF, the World Bank, the vaccine industry, technical agencies, civil society, the Bill & Melinda Gates Foundation and other private sector partners. View the full list of donor governments and other leading organizations that fund Gavi’s work here.
IFFIm was established in 2006 in support of Gavi as a way to accelerate funding for immunisation in the world’s poorest countries. IFFIm has been instrumental in accelerating Gavi’s impact and safeguarding financial flexibility. Since 2006, IFFIm has leveraged donor pledges to issue Vaccines Bonds on global capital markets, generating more than US$ 6.2 billion through 35 issuances in eight currencies. IFFIm is widely regarded as a pioneering social bond issuer, and Vaccines Bonds have enjoyed strong demand from socially responsible investors due to the clarity and focus of Gavi’s mission.