It is also a key partner in ensuring that countries can successfully transition out of our financial support. For instance, the Bank conducts health financing assessments in transitioning countries and takes part in missions to support the development of country transition plans.
INNOVATIVE FINANCE MECHANISMS
The Bank is a key partner in and fiduciary agent for Gavi’s innovative finance mechanisms.
It helped to set up, and is now financial advisor and treasury manager to, the International Finance Facility for Immunisation (IFFIm). IFFIm is an innovative mechanism that leverages long term financing commitments pledged by governments to issue bonds in a variety of currencies and capital markets.
With currency and interest rate risks hedged and managed by the World Bank, IFFIm has raised billions of dollars towards immunisation programmes since 2006 and has secured a funding cost comparable to the most established multilateral development banks.
Gavi is a diverse international partnership that has had a transformational effect on the lives of poor children. The World Bank Group is proud to be a founding partner of Gavi.
Jim Yong Kim, President, World Bank Group
The Bank also supports the Advance Market Commitment (AMC), another cutting-edge Gavi initiative that is helping to accelerate development and delivery of the pneumococcal vaccine. AMCs are financial commitments to subsidise the future purchase of a vaccine which is not yet available – on condition that an appropriate vaccine is manufactured for developing countries and that there is demand.
The first pilot AMC, underpinning the purchase of pneumococcal vaccines, was rolled out in 2010. The Bank supported the pneumococcal AMC through a commitment to provide AMC funds even if these are not received on schedule from donors.
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