Socially Responsible Investing through Vaccine Bonds

IFFIm’s impact on socially responsible investing is reflected in the Social Bond Principles.

IFFIm pioneered Vaccine Bonds, a unique form of truly socially responsible investments, in 2006. These provide investors a portfolio diversification opportunity with attractive risk adjusted returns in an award winning socially responsible investment, with clear and straight forward due-diligence, while helping to protect the lives of millions of children.

Vaccine Bonds have received considerable attention, being one of the most impactful social bonds, and have been instrumental in influencing the financial markets to develop a set of common Social Bond Principles to underpin this market.

IFFIm complies with all four components of the SBPs:

SBP components  

Requirements met by IFFIm  

Use of proceeds

  • Proceeds go to support Gavi’s mission to accelerate the availability of life-saving vaccines for the world’s most vulnerable children

Project evaluation & selection

  • Gavi’s potential vaccine investments are evaluated by an Independent Review Committee (IRC), which is made up of independent technical experts, and which reports to the Gavi Board
  • Gavi is responsible for the selection of immunisation and/or health systems strengthening programmes for which IFFIm provides funding

Management of proceeds

  • IFFIm is forecasted to disburse US$ 950 million to Gavi over the 2016-2020 funding period of which US$150 million has been disbursed to date
  • Gavi manages the allocation, disbursement and tracking of IFFIm’s proceeds in a transparent manner as per its program funding policies

Monitoring & reporting

  • IFFIm provides quarterly reports how it allocates funds to programmes, and publishes audited financial statements annually
  • Gavi evaluates ongoing programmes as per its evaluation policy, and monitors and reports on its impact annually, using criteria set by its Board

IFFIm & the UN Sustainable Development Goals

IFFIm supports Gavi’s mission to save children’s lives and protect people’s health by increasing equitable use of vaccines in lower-income countries is directly aligned with the UN Sustainable Development Goal 3; which aims to end preventable deaths of newborns and children under 5 years of age by 2030.

The global partnership between the donors, the Board of Directors, the World Bank, Gavi and Socially Responsible Investors working for Gavi’s mission is aligned with the UN Sustainable Development Goal 17 which recognises the need for stronger commitment to partnership and cooperation to achieve sustainable development.

For more information on IFFIm as a socially responsible investment see:

Funding Gavi  

Gavi: Independent Review Committee  

>143 million

By the end of 2017, 58 countries had immunised more than 143 million children against pneumococcal disease with support from the Vaccine Alliance.

WHO/UNICEF and Gavi 2018

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