The move involves the payment of an annual contribution of $5,00,000 to the International Vaccine Institute (IVI), Seoul, South Korea.
The International Vaccine Institute, established in 1997 at the initiative of the UNDP, is devoted to developing and introducing new and improved vaccines to protect people, especially children, against deadly infectious diseases.
In 2007, with the approval of the Cabinet, India joined IVI.
In December, 2012 the Board of Trustees (BOT) of IVI approved the formation of its new governance structure.
As per the new governance structure of IVI, a member state has to contribute to the IVI by paying a portion of its core budget. Since India is classified in Group-I, it has to make an annual contribution of $50,000.