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 IFFIm’s treasury manager.

As at 31 December 2020, IFFIm had total assets of US$3.8 billion. This includes sovereign pledges of US$3.3 billion and funds held in trust of around US$478 million.

IFFIm pioneered vaccine bonds. These appeal to investors looking for a socially responsible investment with a clear, targeted purpose. The bonds provide investors with a portfolio-diversification opportunity with attractive risk-adjusted returns in an award-winning socially responsible investment, with strong 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. The bonds are aligned with the Social Bond Principles. Gavi manages the allocation, disbursement and tracking of 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.

In response to COVID-19, IFFIm is playing an integral role in supporting the Gavi COVAX AMC, an innovative financing instrument within the COVAX Facility to procure and deliver COVID-19 vaccines for 92 low-income and lower-middle-income countries. Co-led by Gavi, CEPI and the World Health Organization, alongside key delivery partner UNICEF, the COVAX Facility aims to accelerate the development and manufacture of COVID-19 vaccines and to guarantee fair and equitable access for every country in the world.

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, as well as helping to close the funding gap for COVID-19 vaccines.

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