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 mechanism Oct 2015

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.

IFFIm benefits from US$ 6.5 billion in donor contributions over 23 years from the governments of the United Kingdom, France, Italy, Norway, Australia, Spain, The Netherlands, Sweden and South Africa.

These long-term pledges support the issuance of vaccine bonds, which have been issued in various markets - from London 2006 to Tokyo in 2010 – 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 raised more than US$ 5 billion to date - three times the donor funds received into the IFFIm account over the same period, demonstrating the power of frontloading the availability of the committed funds.

+150 million

By the end of 2013, 11 countries in the African meningitis belt had collectively immunised 153 million people against meningitis A with support from the Vaccine Alliance.


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