Overview

The International Finance Facility for Immunisation was set up in 2006 to rapidly accelerate the availability and predictability of funds for Gavi's immunisation programmes

IFFIm's funding mechanism

Vaccine bonds

The International Finance Facility for Immunisation (IFFIm) uses long-term pledges from donor governments to sell 'vaccine bonds' in the capital markets, making large volumes of funds immediately available for Gavi programmes.

Launched in 2006, IFFIm was the first aid-financing entity in history to attract legally-binding commitments of up to 20 years from donors and offers the "predictability" that developing countries need to make long-term budget and planning decisions about immunisation programmes.

Augmenting existing support

IFFIm not only provides a market-based return, it saves lives. This is proven.  

René Karsenti, IFFIm Board Chair

IFFIm has transformed Gavi’s financial landscape, nearly doubling Gavi’s funding for immunisation programmes in the initial years of IFFIm’s operations.

IFFIm benefits from US$ 6.5 billion in donor contributions over 25 years from the governments of Australia, France, Italy, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom.

These long-term pledges support the issuance of vaccine bonds and sukuks, which have been issued in various markets and various currencies, and proved remarkably popular with institutional and individual investors who want a market-based return and an ethical investment opportunity.

With the World Bank as its treasury manager, IFFIm has leveraged donor pledges to raise more than US$ 5.7 billion over the 2006 to 2016 period.

US$ 1 = US$ 18

A study in Health Affairs covering 73 Gavi-supported countries over the 2011–2020 period shows that, for every US$ 1 spent on immunisation, US$ 18 are saved in healthcare costs, lost wages and lost productivity due to illness. If we take into account the broader benefits of people living longer, healthier lives, the return on investment rises to US$ 48 per US$ 1 spent.

Ozawa S, Clark S, Portnoy A et al. Return on investment from childhood immunizations in low- and middle-income countries, 2011-20, Health Affairs 2016.

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