In 2010, an independent consultancy HLSP was commissioned by the Gavi Secretariat, at the request of the International Finance Facility for Immunisation (IFFIm) Company Board, to carry out an evaluation of IFFIm.

Published in June 2011, the final evaluation assesses the extent to which IFFIm is an effective and efficient instrument to attract long-term, predictable donor funds and to frontload money to finance Gavi support for immunisation and health systems.

The evaluation also assesses the extent to which IFFIm has contributed to enhancing Gavi’s impact on immunisation and health.


The evaluation addesses whether the IFF concept, as a whole, is proven, and whether the IFFIm pilot, in particular, has worked. Specifically, “did the IFFIm mechanism work?” …and “did the IFFIm -funded investments offer value for money?”

The study looks at the alternative models that were considered at the time, but also at how the IFFIm pilot, as it was actually constituted, operated.


HLSP used a mix of literature review, data collection and analysis and structured and unstructured interviews with a range of key stakeholders. HLSP also commissioned a survey of bond dealers working in the Uridashi markets in Japan which the World Bank carried out on their behalf.

Interviews were carried out with a range of key stakeholders representing Gavi, the World Bank, the IFFIm and GFA Boards, entities providing key services, rating agencies, WHO and UNICEF and donors. The aim was to speak to a representative sample of those who had been involved in the design, implementation and financing of IFFIm.

A number of counterfactuals to assess the “without IFFIm” case were developed.

Key strengths of IFFIm model and approach

According to the study, the key strengths of IFFIm’s structure and operating characteristics are that it has:

  • successfully demonstrated a proof of concept;
  • proven to be financially efficient having achieved a very low cost of financing and a diversified funding base;
  • achieved and sustained supranational status in the capital markets;
  • been a robust, flexible model in a very challenging environment;
  • delegated responsibilities in line with partners’ comparative advantage and benefited particularly from the credibility/authority brought by the World Bank as Treasury Manager as well as its efficient financial and risk management;
  • attracted committed and highly effective people onto the Board;
  • provided good publicity and advocacy opportunities for Gavi.

From other sites


  • IFFIm evaluation: full report


  • IFFIm evaluation: key messages


  • IFFIm evaluation: executive summary


  • IFFIm evaluation: IFFIm Board response


  • IFFIm evaluation: IFFIm donor response


  • IFFIm evaluation: The World Bank response


  • IFFIm evaluation: Gavi Secretariat response


  • IFFIm evaluation: annexes


Last updated: 11 Dec 2019

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