A powerful and award-winning financial tool, IFFIm gives Gavi access to funding when it is needed most. Over the last 18 years, IFFIm has transferred US$ 5.8 billion to Gavi – one sixth of Gavi’s overall budget – providing essential financial support for some of Gavi’s signature achievements, from driving down the cost of pentavalent vaccine to enabling a rapid response to a deadly Ebola outbreak as well as COVID-19. In its first five years, IFFIm’s frontloading capability transformed Gavi’s financial landscape, nearly doubling its funding to expand vaccine coverage and bolster health systems. 

For Gavi, the proceeds of vaccine bonds ensure predictable funding and more efficient operations. With IFFIm, Gavi can frontload funds when necessary for rapid roll-out of new and underused vaccines.

For donors, IFFIm vaccine bonds enable long-term pledges to have an immediate and significant impact on saving lives. Together, IFFIm’s donors – Australia, Brazil, Canada, France, Italy, the Netherlands, Norway, South Africa, Spain, Sweden and the UK – have pledged to contribute US$ 9.7 billion to IFFIm, which will be paid through 2037. These funds are used to repay IFFIm bondholders.

For investors, vaccine bonds provide a unique opportunity to realise an attractive and secure rate of return and diversify their portfolios while helping save lives. Vaccine bonds have raised US$ 8.7 billion from investors, making large volumes of funds immediately available for Gavi programmes. This saves more lives faster.

With a solid financial base and the World Bank as its Treasury Manager, IFFIm is rated AA- / Aa1 / AA by Fitch Ratings, Moody’s Investor Service and Standard & Poor’s. IFFIm consistently earns an A+ rating from the UK’s Foreign, Commonwealth & Development Office (FCDO).

IFFIm has played a leading role in developing social bonds and has been praised as a success story, earning recognition from the United Nations, World Bank, G8, the Organisation for Economic Co-operation and Development (OECD) and Financial Times, among others. IFFIm’s work has received multiple awards since its founding. Euroweek magazine cited IFFIm’s 2008 inaugural "uridashi" bond issue in Japan as among the 25 most influential deals between 2007–2012, helping set a trend of ethically themed bonds sold in Japan. IFFIm’s debut sukuk was awarded “Social Impact Deal of the Year 2014” by Islamic Finance News and “Islamic Finance Deal of the Year” by Global Finance Magazine in 2015. IFFIm was also cited as the "SRI Innovation of the Decade" by mtn-i, a news, data and analytics provider; and in 2020 was selected for mtn-i “Deal of the Year.”