2003
January 2003
What IFF?
The government of the United Kingdom launches a proposal for an International Finance Facility (IFF) to provide significant additional funds for immediate development assistance. The proposal was inspired by the commitment of all members of the United Nations to meet the Millennium Development Goals by 2015.
2004
November 2004
UK and France make the IFF a reality
The United Kingdom and France announce their commitment to launch an International Finance Facility for Immunisation (IFFIm) - a pilot that would apply the principles of the broader IFF on a smaller scale to the immunisation sector.
2005
September 2005
Key European nations join the UK and France
The United Kingdom, France, Italy, Spain and Sweden commit nearly US$ 4 billion to support and scale up the work of Gavi through the launch of IFFIm. This innovative "frontloading" approach is estimated to prevent the deaths of more than five million children from vaccine-preventable diseases.
December 2005
Norway joins IFFIm
At the 3rd Gavi Partners Meeting in New Delhi, Prime Minister Jens Stoltenberg announces the Government of Norway to join IFFIm by pledging US$ 27 million over five years, becoming its sixth government donor.
2006
November 2006
IFFIm issues inaugural Vaccine Bonds
IFFIm raises US$ 1 billion through the inaugural issue of bonds to institutional investors, accelerating the availability of funds to be used for health and immunisation programmes through Gavi. The new funds will enable Gavi to build on its success and immunise more than 500 million children against vaccine-preventable diseases before 2015.
2007
March 2007
South Africa joins IFFIm
The Republic of South Africa joins IFFIm, becoming its seventh government donor. With a commitment of US$ 20 million, South Africa becomes the first emerging market country donor to contribute to IFFIm.
November 2007
IFFIm raises almost US$ 1 billion in first year
IFFIm approaches US$ 1 billion raised in its first year, providing US$ 995 million to 43 of the world's poorest countries to spend on life-saving immunisation and health programmes.
2008
March 2008
Japanese investors welcome Vaccine Bonds
The second IFFIm bond sale secures US$ 223 million from private investors in Japan. IFFIm's debut in Japan is the largest South African rand-denominated bond to date in the Uridashi market.
2009
June 2009
The Netherlands joins IFFIm
The Netherlands displays its strong desire to stimulate innovation and to involve the private sector in development by pledging €60 million over eight years to IFFIm, becoming its eighth government donor.
2010
November 2010
IFFIm prices inaugural benchmark in Australian dollars
The AUD 400 million, five-year bonds demonstrate institutional investors’ continued support for IFFIm and its humanitarian purpose.
2011
March 2011
Australia joins IFFIm
Australia joins IFFIm by pledging AU$ 250 million over 20 years, becoming its ninth government donor.
July 2011
Independent evaluation of IFFIm
An independent evaluation of IFFIm by health care consulting firm HLSP concludes that IFFIm provides “extremely good development returns” and has helped “transform Gavi from a niche actor into a major player in international health.” The report cites IFFIm as a low-cost, efficient model, helping Gavi save an additional 2.1 million lives while delivering more than three times the value of each dollar spent.
2012
February 2012
IFFIm gets a new board chair
Founding
Chair Alan Gillespie steps down after six years, during which time
IFFIm received pledges worth US$ 6.3 billion, helping it raise US$
3.6 billion in bond proceeds. René Karsenti is appointed the new Chair.
May 2012
IFFIm vaccine bonds rated among 25 most influential
IFFIm’s early 2008 inaugural retail bond issue in Japan (see above) is cited by EuroWeek magazine as among the 25 most influential deals, helping set a trend of ethically-themed bonds sold in Japan.
2013
February 2013
IFFIm honoured as a socially responsible investment
IFFIm is cited as “SRI Innovation of the Decade” by mtn-i, a news, data and analytics provider.
June 2013
IFFIm raises US$ 700 million
IFFIm issues its largest financing since its inaugural benchmark, raising US$ 700 million in a transaction jointly led by Daiwa Securities Group and Deutsche Bank. It is IFFIm’s first floating rate offer.
2014
November 2014
IFFIm issues its first sukuk, raising US$ 500 million
IFFIm entered the sukuk market for the first time, raising US$ 500 million with a 3-year socially responsible investment that complies with Islamic law. The sukuk was coordinated by Standard Charted Bank, working with joint lead managers from four Muslim countries: National Bank of Abu Dhabi, Barwa Bank of Qatar, NCB Capital of Saudi Arabia and CIMB of Malaysia.
2014/
2015
Inaugural sukuk awarded multiple prizes
IFFIm’s first sukuk transaction received the Financial Times’ Achievement in International Finance Award, Islamic Finance News’ Social Impact Deal of the Year 2014, EMEA Finance’s Best Supranational Sukuk and Euromoney’s Innovation in Islamic Finance and Global Finance Magazine’s Islamic Deal of the Year.
2015
January 2015
Australia, France and the Netherlands increase commitments
Three IFFIm donors – Australia, France and the Netherlands – commit an additional US$ 280 million to IFFIm as Gavi’s pledging conference in Berlin, supporting efforts to immunise 300 million children between 2016-2020, preventing an additional 5 million to 6 million deaths. France increase its pledge by €150 million, adding to its €1.24 billion, 20-year pledge. The Netherlands increased its long-term pledge by €60 million and four years, adding to its €80 million, 8-year pledge. Australia increased its pledge by AU$ 37.5 million, adding to its AU$ 250 million, 20-year pledge.
July 2015
Addis action agenda highlights IFFIm model
At the Third International Conference on Financing for Development, the global development community recognised IFFIm's unique value and encouraged exploring its potential applicability to wider development efforts.
September 2015
IFFIm issues second sukuk, raising US$ 200 million
IFFIm entered the Islamic finance market for the second time, raising US$ 200 million with a 3-year socially responsible investment that complies with Islamic law the sukuk was coordinated by Standard Charted Bank, working with joint lead managers Emirates NBD Capital Limited (Dubai), Maybank Kim Eng (Maybank), National Bank of Abu Dhabi (NBAD) and NCB Capital Company (NCB Capital).
