International Finance Facility for Immunisation (IFFIm) is a multilateral development institution, incorporated as a UK charity, created to accelerate the availability of predictable, long-term funds for immunisation, vaccine procurement and related health programmes through Gavi, the Vaccine Alliance (Gavi) in more than 60 of the poorest countries around the world.

IFFIm was created as a development-financing tool to help the international community achieve the Millennium Development Goals related to child mortality and maternal health. Gavi is a public-private partnership that aims to immunise children and strengthen health systems in the world’s poorest countries. World Bank is the treasury manager for IFFIm.

As at 31 December 2019, IFFIm had total assets of US$2.5 billion. This includes sovereign pledges of US$2.1 billion and funds held in trust of around US$426 million.

IFFIm has issued pioneering vaccine bonds. These bonds appeal to investors looking for a socially responsible investment with a clear, unambiguous purpose. Vaccine bonds provide investors with a portfolio diversification opportunity with attractive risk-adjusted returns in an award-winning socially responsible investment, with clear and straightforward due diligence, while helping to protect the lives of millions of children.

For donors, the bonds offer a unique benefit by putting pledged contributions to work immediately. The bonds help Gavi raise money more quickly, harnessing the power of capital markets. In 2006, the first vaccine bonds raised US$1 billion from institutional investors to accelerate funding that would enable Gavi to immunise more than 500 million children before 2015.

IFFIm’s issuance of vaccine bonds has been instrumental in promoting sustainable investing and in the development of the social-bond market, supported by a common set of Social Bond Principles (SBPs). IFFIm is aligned with the SBPs. Gavi manages the allocation, disbursement and tracking of IFFIm proceeds to health programmes in a transparent manner. IFFIm provides regular reports on how it allocates funds to programmes and publishes audited financial statements annually.

SUSTAINABILITY OBJECTIVES OF GSS BOND PROGRAMME
To accelerate funding for vaccine delivery to children in poor countries. Proceeds go to support Gavi’s mission to accelerate the availability of life-saving vaccines for the world’s most vulnerable children.

World Bank (IFFIm’s treasury manager)
Capital Markets
+1 202 477 2880
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www.iffim.org