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What is the International Finance Facility for Immunisation (IFFIm)?

This week IFFIm priced a new US$ 1 billion three year bond to help protect millions of children against preventable disease and prevent the next pandemic. But how exactly does this financing mechanism work, and what has its impact been so far?

  • 24 October 2024
  • 2 min read
  • by Gavi Staff
IFFIm: flexible financing provides funds when needed
IFFIm: flexible financing provides funds when needed
 

 

IFFIm is the International Finance Facility for Immunisation. It is the world’s first social bond – a novel financial instrument launched in 2006 that has raised billions of dollars for childhood immunisation through issuance of vaccine bonds on capital markets. The bonds, unique to IFFIm, are backed by long-term pledges from 11 sovereign donors. IFFIm proceeds go to fund Gavi, the Vaccine Alliance’s life-saving immunisation programmes. IFFIm is also a charity registered in the United Kingdom.

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1 billion children

IFFIm has helped Gavi to immunise 1 billion children, saving 17.3 million lives.


IFFIm has provided US$ 5.8 billion to Gavi – 17% of its programme budget (as of 31 December 2023).


 

13 vaccine introductions

IFFIm has supported more than 13 vaccine introductions, including early and sustained support of the pentavalent five-in-one vaccine (for pentavalent, an investment of US$ 1.5 billion to-date).

US$ 1 to US$ 52

Immunisation works. Each US$ 1 of investment in immunisation will give a return of US$ 52 when broader societal benefits are included.*

*https://www.cdc.gov/globalhealth/ immunization/why/index.html

Who buys vaccine bonds?

Vaccine bonds appeal to institutional and retail investors looking for a pure play impact investment. They are attractive to investors looking for an impact investment with a good rate of return.

With their clear, unambiguous purpose, vaccine bonds provide investors a portfolio diversification opportunity with attractive risk adjusted returns in an award-winning financing vehicle, while helping to protect the lives of millions of children.

8 currencies

IFFIm has issued more than 41 bonds in 8 currencies.


 

What is the World Bank’s role at IFFIm?

The World Bank, a global development cooperative owned by 187 member countries, serves as IFFIm’s Treasury Manager, managing IFFIm’s financing according to prudent policies and standards agreed by the IFFIm board. The operational partnership with the World Bank provides institutional strength to IFFIm.

Who are IFFIm’s donors?

IFFIm currently has 11 sovereign donors. The UK, France, Norway, Italy, and the Netherlands were the original six donors who helped launch IFFIm in 2006. Since then, Australia, Sweden, Spain, Brazil, South Africa and Canada have become IFFIm donors. By harnessing the power of capital markets, vaccine bonds benefit donors by putting pledged contributions to work ahead of the payments, which enables Gavi to save more lives, faster.

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IFFIm's donors (map)

11 sovereign sponsors

IFFIm’s financial base consists of legally-binding commitments from 11 sovereign sponsors.