Source: European Investment Bank
Today, on the sidelines of the UN General Assembly in New York, the European Union (EU) and the Bill & Melinda Gates Foundation announced they are developing new financing mechanisms to accelerate access to health products, including safe, effective and affordable contraceptive and maternal health medicines. These will allow more women living in low- and middle-income countries (LMICs) to better meet their needs.
The announcement followed a meeting between Nadia Calvino, President of the European Investment Bank (EIB), Jutta Urpilainen, European Commissioner for International Partnerships and Bill Gates, co-chair of the Bill & Melinda Gates Foundation.
One new mechanism under discussion is with the United Nations Population Fund (UNFPA), the UN’s sexual and reproductive health agency. This mechanism is expected to help reduce costs and address barriers so that more women can benefit from contraception and maternal health medicines. This will enable women to plan their families, leading to healthier women and children, as well as empowering local communities and economies. Access to safe, voluntary, family planning is a human right, which helps to lower maternal ill-health and the number of pregnancy-related deaths.
Currently, UNFPA works with national governments to support low- and middle-income countries to access contraceptives and maternal health medicines but can only place orders to support national plans once they have contributions in the bank. This is despite more than 60% of donation commitments being multi-year. The new mechanism will be designed to frontload multi-year donor commitments, and enable advanced planning, visibility and commitments to low- and middle-income countries. It will enable broader and more sustainable access to family planning products for women.
This financing mechanism is envisioned to be led by the EIB, backed by the European Commission. It will be supported by funding from the Bill & Melinda Gates Foundation to the UNFPA Supplies Partnership, to be delivered over five years.
In addition, the EIB and the European Commission are developing new financial guarantees of up to €170m for gender and human development which will stipulate a certain volume of new products to be taken to market, incentivising investment to manufacture life-saving products at scale. This forms part of a broader partnership between the European Commission, European Investment Bank and the Bill & Melinda Gates Foundation to accelerate investments to improve health and nutrition in low- and middle-income countries, including through the Human Development Accelerator (HDX), a Global Gateway initiative.
Globally, more than 257 million women and girls who want to avoid pregnancy are not using a modern contraceptive method[1]. Without additional resources, there could be a $1.5B funding gap by 2030 for contraceptive products in low- and middle-income countries. Currently, over 40% of low- and middle-income countries report that more than 4 in 10 service delivery points had stockouts, and countries face long waiting times for deliveries.
“Every woman, everywhere, should have the right to plan a family, pursue an education, and follow her dreams,” said EIB President Nadia Calviño. “Safe and affordable contraception makes this possible. We are proud to partner with the United Nations Population Fund, the European Commission and the Gates Foundation to reduce costs and barriers for women and make sure they are in the driving seat of their own lives.”
Jutta Urpilainen, European Commissioner for International Partnerships, said: “Promoting gender equality is at the core of the EU’s external action. We are proud to invest in sexual and reproductive health products and services that empower women to reach their full potential, and contribute to building inclusive, prosperous communities.”
Bill Gates, co-chair of the Bill & Melinda Gates Foundation, said, “Far too often, women in low- and middle-income countries don’t have the contraceptive choices they want, and there’s not enough being done to close that gap. The European Institutions’ leadership will make a huge difference in the lives of women and in the health of entire communities and countries—because when women can control their health and financial futures, everyone benefits.”
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
Global Gateway
Global Gateway is the European Union‘s initiative to unlock investments and boost global connectivity through sustainable infrastructure projects. Launched in 2021, it seeks to mobilise up to €300 billion by 2027 to finance programmes in strategic sectors such as digital technology, climate and energy, transport, health, education, and research. The initiative emphasises a values-driven approach, promoting environmental sustainability, social inclusion, and democratic governance while strengthening trade and development ties with partner countries.
Bill & Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of co-chairs Bill Gates and Melinda French Gates and the board of trustees.
[1] https://www.unfpa.org/swp2022/challenges