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Former U.S. President Bill Clinton moderates the opening session at the Clinton Global Initiative annual conference with participants (from left) Wal-Mart President Michael Duke, Her Majesty Queen Rania of Jordan (a former GAVI Fund Board member), UN Secretary General Ban Ki-Moon and World Bank President Jim Kim.
New York, 24 September 2012 - GAVI has raised more than double the amount of money it promised to secure from the private sector under a commitment to the Clinton Global Initiative (CGI), strengthening GAVI’s ability to provide pneumococcal and other lifesaving vaccines to developing countries.
The original commitment, made to CGI in 2007, was to raise US$ 30 million in private sector support to “expand the distribution of pneumococcal and other vaccines to protect children under age 5 against life-threatening infectious diseases.”
Advance Market Commitment
GAVI ultimately raised US$ 61 million in private sector funding in about four years. The CGI commitment came just a few months after the announcement of GAVI’s Advance Market Commitment (AMC) for Pneumococcal Vaccines, under which donor funding is used to incentivise vaccine suppliers to produce affordable and appropriate pneumococcal vaccines for developing countries.
The AMC has made a significant impact since becoming operational in 2010, with pneumococcal vaccine rolled out in 18 GAVI countries and approved for 46. About 12 million children have been vaccinated under the AMC initiative.
GAVI Matching Fund
Video from the Financing for Impact and Scale breakout session at the CGI Annual Conference, 24 September 2012
GAVI’s newest private sector initiative is the GAVI Matching Fund, under which the UK Government and the Bill & Melinda Gates Foundation have pledged to match up to US$ 130 million donated by companies, foundations, their employees, customers and business partners. Since being launched in June 2011, the GAVI Matching Fund has raised US$ 52 million for immunisation with seven partners.
“These products are designed to be scalable and to have, in fact, global impact,” said David Ferreira, GAVI’s Managing Director for Innovative Finance, speaking at the CGI Annual Conference about GAVI’s innovative finance mechanisms: the AMC, the GAVI Matching Fund and the International Finance Facility for Immunisation (IFFIm).
The GAVI Matching Fund is not only raising funds but also “bringing to bear cutting edge private sector skills to resolve our problems,” such as supply chain and logistical issues, Ferreira said.