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
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications
+1 (212) 816-7140
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
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
EIG-Led Consortium Closes $12.4 Billion Infrastructure Deal with Aramco18.6.2021 21:02:00 CEST | Press release
EIG,a leading institutional investor to the global energy sector and one of the world’s leading infrastructure investors, today announced the closing of its previously announced transaction with Saudi Arabian Oil Co. (“Aramco”), under which a consortium of investors acquired a 49% equity stake in Aramco Oil Pipelines Company (“Aramco Oil Pipelines”), a newly formed entity with rights to 25 years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network. The EIG-led co-investment process in Aramco Oil Pipelines attracted a global group of leading institutional investors from China, the Kingdom of Saudi Arabia, Korea, the United Arab Emirates and the United States including, amongst others, Mubadala Investment Company, an Abu Dhabi Sovereign Investor, Silk Road Fund, Hassana and Samsung Asset Management. R. Blair Thomas, EIG Chairman and CEO, said: “We are pleased to have completed this transaction with Aramco, a preeminent global energy supplier. The
Moody's ESG Solutions: V.E provides Second Party Opinion on Desjardins’ Sustainable Bond Framework18.6.2021 18:13:00 CEST | Press release
Moody's ESG Solutions announced today that V.E has provided a Second Party Opinion (SPO) on Desjardins’ Sustainable Bond Framework. The framework will be used to finance and refinance projects tied to eight environmental categories and three social categories, including Renewable Energy, Green Buildings, and Affordable Housing. In V.E’s opinion, the framework is aligned with the four core components of the Green Bond Principles (2018) and the Social Bond Principles (2020). “In our assessment, the bonds issued via this framework will provide an ‘advanced’ contribution to sustainability objectives, as we see significant and consistent evidence that the proceeds will be allocated to environmentally and socially focused projects throughout Canada and several emerging markets,” said Patrick Mispagel, Managing Director – Sustainable Finance at Moody’s ESG Solutions. “We expect to see growth in sustainability efforts in North America in order to meet increasing global regulatory requirements
Potential sale of HSBC SFH (France): Signing of a Memorandum of Understanding18.6.2021 15:30:00 CEST | Press release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. The potential sale includes: HBCE’s French retail banking business; the Crédit Commercial de France (‘CCF’) brand; and, subject to the satisfaction of relevant conditions, HBCE’s 3% ownership interest in Crédit Logement, its 100% ownership interest in HSBC SFH (France) (‘HSFH’), and the transfer of rights and obligatio
UFC® Names Lumen® the Official Metabolic Tracker of the UFC Performance Institute18.6.2021 15:30:00 CEST | Press release
UFC®, the world’s premier mixed martial arts organization, has named Lumen® the Official Metabolic Tracker of the UFC Performance Institute®. To launch the new partnership, select UFC athletes will be using Lumen as a tool to optimize their performance under the guidance of the nutrition team at the UFC Performance Institute (UFC PI). These athletes will have access to real-time metabolic data to help improve their nutrition, performance, and body composition through optimizing their metabolic health and flexibility. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005278/en/ Dustin Poirier and Lumen (Photo: Business Wire) “The UFC PI strives to support athletes in fueling their body to achieve championship performances while also maintaining optimal health, all while meeting the weight management demands of mixed martial arts,” said Clint Wattenberg, UFC PI Director of Performance Nutrition. “Metabolic health and metabo
Sale of Retail Banking Business in France18.6.2021 15:30:00 CEST | Press release
HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. Commenting on the Potential Transaction, Jean Beunardeau, HBCE CEO said: “This potential transaction is an important step towards achieving our strategic goal of being a leading wholesale bank in Continental Europe for Corporate and Investment Banking, Markets and Private Banking, anchored in Paris, connecting our customers to HSBC’s global network, and providing access to Continental Europe for HSBC’s customers around the world. As importantly, this potential transaction would allow HSBC’s French retail banking business to be sold to an expe
Hilton Doubles Down on Las Vegas Growth with Rapidly Expanding Portfolio and Grand Return to the Strip18.6.2021 15:07:00 CEST | Press release
After revolutionizing the Las Vegas hospitality experience decades ago, Hilton is building on its storied legacy in time for the return to travel by almost doubling its presence in the sought-after global destination over the past three years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005335/en/ Resorts World Las Vegas – Exterior (Photo: Business Wire) The company is slated to have more than 30 hotels and over 11,000 rooms across 12 brands in the market by the end of 2021. On the heels of Virgin Hotels Las Vegas, CurioCollection by Hilton’s June opening celebration, and just weeks before the anticipated debut of Conrad Hotels & Resorts, LXR Hotels & Resorts and Hilton Hotels & Resorts at the integrated Resorts World Las Vegas complex, Hilton is making an epic return to this top-tier travel destination, bringing new premium and luxury brands to the Strip. “Hilton helped create the Las Vegas we know today – the ente
Toshiba's Chairperson of the Board of Directors Issues Open Letter to Its Shareholders18.6.2021 11:06:00 CEST | Press release
Toshiba Corporation (TOKYO:6502) today announced that Osamu Nagayama, Chairperson of Toshiba’s Board of Directors, has issued an open letter to the company's shareholders. The full text of the letter is as follows: Dear Shareholders As the Chairperson of the Board of Directors of Toshiba Corporation ("Toshiba", the "Company"), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us. You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25. I, together with the Board, am fully committed to ensuring we improve your Company's governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency: In order to stop recurrence, we will conduct an inquiry, with third party part