World leaders describe IFFIm as a “catalytic success”
World leaders describe IFFIm as a “catalytic success”
22 May 2012
Official report says IFFIm has been "game changing" for global immunisation
Washington DC, 22 May 2012 - IFFIm is highlighted as “a catalytic success story” by the G8 in the official report from the 2012 meeting at Camp David.
The “Camp David Accountability Report” focuses on areas of agreement on global health, food security and nutrition among governments of eight large economies comprising the UK, France, Italy, US, Japan, Russia, Germany and Canada.
IFFIm, alongside the Advance Market Commitment (AMC) – another innovative finance vehicle spearheaded by GAVI – is described as “game changing” for global immunisation.
“IFFIm is a catalytic success story, and one that is constantly attracting new members,” notes the report, subtitled, “Actions, Approach and Results.” It details IFFIm’s success in raising US$ 3.6 billion in the bond markets over the past five years, including US$ 1.77 billion in the Japanese market from about 30,000 Japanese investors in IFFIm vaccine bonds.
IFFIm now is attracting interest from a broader mix of countries. Recent additions to IFFIm include South Africa and, soon, Brazil, which is in the process of becoming its tenth member. Among members of the G8, the UK, France and Italy are IFFIm donors, while Japan has been a key market for issuing bonds. Other IFFIm donors include Norway, Australia, Spain, the Netherlands and Sweden. G8 contributors to the AMC are Russia, Canada, the UK and Italy. It also is supported by Norway and the Bill & Melinda Gates Foundation.
The section of the report about IFFIm and the AMC is as follows:
IFFIm and AMC: Game-Changing Global Immunization Spearheaded by the G-8
The United Kingdom, France and Italy are pioneering innovative financing mechanisms like the International Finance Facility for Immunisation (IFFIm), implemented by the World Bank and the GAVI Alliance. Launched in November 2006, IFFIm had raised more than $3.6 billion by September 2011, of which $1.77 billion was issued in the Japanese retail market.
It is estimated that over 30,000 Japanese investors have purchased IFFIm Vaccine bonds. IFFIm is a catalytic success story, and one that is constantly attracting new members.
In pledging $1.4 billion out of $1.5 billion toward the effort, Italy, the United Kingdom, Canada and Russia have also spearheaded Advance Market Commitments (AMCs) for vaccines aimed at encouraging the development and production of affordable vaccines tailored to the needs of developing countries. The overarching goal is to prevent an estimated 7 million childhood deaths by 2030 via the GAVI Alliance. The first AMC produced was the pneumococcal vaccine.
Sixteen countries (Benin, Burundi, Cameroon, the Central African Republic, Democratic Republic of Congo, Ethiopia, Gambia, Ghana, Guyana, Honduras, Kenya, Madagascar, Mali, Malawi, Nicaragua and Yemen) have already introduced the pneumococcal vaccine through GAVI. This will allow more than 3 million children to be vaccinated against pneumococcal disease by the end of 2011.
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