Financials

Summary of key payment obligations and flows

  • Donors make payments to IFFIm based on legally binding grants to the Gavi, the Vaccine Alliance, which intends to assign the right to receive such grants to IFFIm.
  • IFFIm issues AA/Aa1/AA rated bonds in the international capital markets.
  • The Treasury Manager, on behalf of IFFIm, will manage bond proceeds as liquid investments until they are needed for immunisation programmes in recipient countries. Funds are disbursed by IFFIm when requested by Gavi to procure needed vaccines for approved programmes and to strengthen the health systems of Gavi-recipient countries.
  • IFFIm repays bondholders using funds provided by donors pursuant to the agreed and legally binding grant payment obligations.

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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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