Citi Selected as Financial Advisor to Gavi, The Vaccine Alliance’s COVAX Facility
Citi today announced the firm has been selected by Gavi, the Vaccine Alliance, to be the financial advisor for the COVAX Facility, its global procurement mechanism for COVID-19 vaccines.
The COVAX Facility is part of COVAX, a global, multilateral initiative aimed at developing, manufacturing and deploying COVID-19 vaccines on a fair and equitable basis. It is co-led by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations (CEPI), and the World Health Organization (WHO) – working in partnership with developed and developing country vaccine manufacturers, UNICEF, the World Bank, Civil Society Organizations and others.
Citi will provide Gavi with expert advice on structures to mitigate sovereign, credit and operational risk as the COVAX Facility seeks to facilitate pooled procurement and equitable distribution of safe and effective COVID-19 vaccines from multiple pharmaceutical manufacturers to all COVAX participating economies once they reach licensure.
“Citi considers this assignment to be a clear demonstration of who we are as a firm and it builds on the work we’re doing to help combat this crisis on many fronts,” said Jane Fraser, President of Citigroup and CEO of Global Consumer Banking. “Funding of vaccines is at the core of bringing this crisis to an end, and Citi is honored to contribute to this unprecedented effort. We are bringing top talent together from around the firm to support Gavi in achieving its global objectives.”
In its first phase, and up until the end of 2021, the COVAX Facility aims to secure and deliver 2 billion doses of vaccines to be distributed to member countries’ populations. The facility currently counts over 180 sovereign government entities as participants.
In its role as advisor, Citi will advise and assist in finding risk mitigation and execution strategies in connection with the facility, including supporting the building of strategies to operationalize and maintain the COVAX Facility.
“COVAX represents the best chance to provide people in all countries with rapid, fair and equitable access to COVID-19 vaccines as soon as they become available. We’re delighted to engage Citi, allowing the COVAX Facility to benefit from expert external advice to complement our in-house expertise, supporting our essential work mitigating risk and structuring the COVAX Facility to be as effective as possible,” said Dr. Seth Berkley, Chief Executive Officer, Gavi.
Throughout the pandemic, Citi has worked closely with governments and the private sector to find liquidity alternatives and funding solutions in response to COVID-19. This has included large targeted development bank and NGO efforts for the pandemic, including COVID-19 emergency programs by the World Bank, Africa Development Bank, the New Development Bank, and Gavi’s own International Finance Facility for Immunisation (IFFIm), where Citi recently acted as joint bookrunner on its $500m vaccine bond.
“Just, rapid and efficient funding and distribution of COVID-19 vaccines remains our best hope of ending this crisis, and we are committed to optimizing the COVAX Facility for that purpose, said Jay Collins, Vice Chairman, Banking, Capital Markets and Advisory at Citi and the lead advisor for the Citi team. “The size and complexity of this facility is unprecedented, and its urgency for the world is paramount,” he continued.
“We are pleased to partner with Citi on this landmark endeavor,” said Assietou Sylla Diouf, Managing Director of Finance & Operations, Gavi. “Never has such a facility been more critical given the crisis we are currently facing. Citi’s presence in over 160 countries and jurisdictions and its expertise will help to ensure the financial mechanics of the COVAX Facility are best able to support COVAX’s ambitious goals of ending the acute phase of the pandemic by the end of 2021.”
Citi remains committed to supporting clients and community partners to help drive a positive socially and environmentally sustainable response to COVID-19. Citi and the Citi Foundation have committed more than $100 million to date in support of COVID-19-related community relief efforts globally. Citi is proud of its efforts to fund stakeholders across multiple United Nations Sustainable Development Goals (SDGs), and is particularly proud of the contribution this work with Gavi will make to SDG 3: Ensure healthy lives and promote well-being for all at all ages.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications
+1 (212) 816-7140
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Enhancing the HD-PLC™ Security Functions25.11.2020 17:00:00 EET | Press release
HD-PLC Alliance *1 has started standardization work that will allow the use of enhanced network security functions, with the aim of using High-Definition Power Line Communication technology in the fields of smart grids and distributed power management. HD-PLC™*2 (hereinafter referred to as HD-PLC) technology has already been standardized as IEEE 1901 (Broadband over Power Line Networks for MAC and PHY) by the IEEE Standards Association*3 . This technology is particularly attracting attention in Europe as a communication infrastructure that can be used for distributed power management of energy. Therefore, the current security functions will be enhanced and expanded, including making the technology compatible with strong authentication functions required for use in large-scale networks. Current HD-PLC technology offers extremely high security at the device level, including continuous encrypted communication and authentication between compatible devices. However, for PLC equipment to be
ViacomCBS to Sell Simon & Schuster to Penguin Random House for $2.175 Billion25.11.2020 17:00:00 EET | Press release
ViacomCBS Inc. (NASDAQ: VIAC, VIACA) today announced it has entered into a definitive agreement to sell the publishing business Simon & Schuster (“Simon & Schuster”) to Penguin Random House LLC (“Penguin Random House”), a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. This divesture follows a strategic review of non-core assets ViacomCBS undertook early in 2020. Proceeds from the transaction will be used to invest in ViacomCBS’s strategic growth priorities, including in streaming, as well as to fund the dividend and pay down debt. This transaction is the outcome of a highly competitive auction that attracted interest from buyers around the world, reflecting Simon & Schuster’s position as one of the world’s best known publishing brands. Simon & Schuster has more than 30 publishing units across adult, children, audio and international. Its portfolio of best-selling authors includes Stephen King, Doris Kearns Goodwin and Jason Reynolds, and it owns a ric
Northern Data AG Commissions First Data Center in the Netherlands25.11.2020 16:11:00 EET | Press release
Northern Data AG (XETRA: NB2, ISIN: DE000A0SMU87), a leading provider of High-Performance Computing (HPC) solutions, is commissioning its latest HPC data center near Maastricht. This new facility will entail one of the largest GPU clusters worldwide and will be the Company's first data center location in the European Union. The Company will begin installing the first hardware for its GPU-based Distributed Computing Cluster from the beginning of December. The GPU cluster is one of Northern Data AG's most significant expansion steps and is expected to be scaled up by the end of Q1/2021 to achieve computing power of 404 Petaflops (FP64). With this level of power, it will be one of the largest GPU clusters of its kind worldwide. The world's most powerful supercomputer, Japan's Fugaku, has a computing capacity of 415 Petaflops. As CEO Aroosh Thillainathan commented: "With the smooth and rapid expansion of our GPU cluster, now including our first European location, we are moving to meet the
LexFinance Announced a Favorable Partial Award in a US$ 28 Billion Arbitration Against Brazil and for the Benefit of Petrobras25.11.2020 16:00:00 EET | Press release
LexFinance announced a favorable partial award in a US$ 28 billion arbitration against Brazil and for the benefit of Petrobras. The claim has been filed by a minority shareholder of Petrobras against the Brazilian Government for the economic losses suffered by Petrobras due to corruption practices disclosed in the Car Wash investigation and caused by the abuse of power of the Brazilian Government as controlling shareholder of Petrobras. The partial award recognized the arbitrability of the dispute, that the Brazilian Government is subject to the arbitration clause and the standing of the claimant funded by LexFinance to act on behalf and for the benefit of Petrobras. If the damages are confirmed in the last phase of the arbitration expected to conclude during 2021, the Brazilian Government will have to compensate Petrobras for losses currently estimated at US$ 28 billion. In addition, according to article 246 of the Brazilian Corporate Law, it will have to pay to the claimant funded by
Last and Final Victory for Sisvel Before the German Federal Supreme Court (BGH) In the Sisvel vs Haier Cases25.11.2020 15:29:00 EET | Press release
Yesterday the German Federal Supreme Court heard the oral arguments in another patent infringement case between Sisvel and Haier regarding Sisvel’s request for injunctive relief for infringement of cellular standard essential patents (SEPs) it owns. The decision rendered yesterday marks the final decision regarding Haier’s infringement of Sisvel’s European patent EP 1 264 504 (“EP 504”), and the related FRAND defense after a 6 year long legal dispute. Prior to this verdict, the BGH (1) confirmed the German part of Sisvel’s EP 504 valid on April 28, 2020, (2) confirmed the German part of Sisvel’s EP 0 852 885 B1 (“EP 885”) valid on March 10, 2020, and (3) reversed the Düsseldorf Court of Appeal’s 2017 decision that wrongly considered Haier a willing licensee on May 5, 2020. In the motivation of the BGH May 2020 decision, it provided helpful guidance on certain aspects of the FRAND negotiation process (see https://www.sisvel.com/news-events/news/clarifications-on-licensing-of-standard-es
Advanced Technology Research Council Announces ‘ASPIRE’ – to Drive the Creation of Future Transformative Technologies25.11.2020 14:22:00 EET | Press release
The newly established Advanced Technology Research Council (ATRC) has today announced its plans to drive the creation of future transformative technologies with the launch of its dedicated technology programme management pillar, ASPIRE. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201125005562/en/ His Excellency Faisal Al Bannai, Secretary-General of Advanced Technology Research Council (Photo: AETOSWire) ASPIRE works in consultation with cross-sector industry stakeholders to frame problem statements that can be solved through research and development. By defining the problem, setting milestones, and monitoring the progress of the projects, ASPIRE facilitates a clear path from ‘lab to market.’ ASPIRE will make impactful decisions related to the selection of research partners and the allocation of funding. It will ensure that its R&D priorities align with Abu Dhabi and the UAE's broader development goals. ASPIRE will also l
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom