Supporting Immunization

Launch the International Finance Facility for Immunisation Web Tour

Goldman Sachs and the International Finance Facility for Immunisation
Every year, 27 million children are not vaccinated against the most common childhood diseases. Now for the first time, a way has been found to use the power of the capital markets to help them.

In November 2006, the International Finance Facility for Immunisation (IFFIm) successfully completed its first debt issue, raising $1billion dollars to fund the immunization and health programs of the GAVI Alliance in 70 of the world’s poorest countries. Backed by commitments from the governments of France, Italy, Norway, Spain, Sweden, and the United Kingdom, and with the World Bank as its treasury manager, the International Finance Facility for Immunisation (IFFIm) has been designed to enable the frontloading of development aid, ensuring that funds pledged over time get to those children who need it faster. It is estimated that funds raised via IFFIm will help protect more than 500 million children over the next decade - saving an estimated 10 million lives over time.

Progress and Achievements
The GAVI Alliance was launched in 2000 to improve access to immunization for children in poor countries. New data released from the World Health Organization (WHO) show that the GAVI Alliance and its partners have brought immunization rates to record levels in these undeveloped countries. The WHO data estimates that since 2000, GAVI Alliance-funded immunization programs in developing countries have prevented approximately 2.3 million future deaths, and that immunizations in 2006 alone prevented 600,000 deaths.

With substantial financial support received through IFFIm, the GAVI Alliance will be able to significantly increase its programs of:

• strengthening immunization and healthcare delivery systems; 
• boosting coverage with established vaccines (against diphtheria, tetanus, pertussis, tuberculosis, measles, and polio); 
• introducing under-used vaccines where needed (hepatitis B, Hib and yellow fever); 
• ensuring immunization safety; 
• accelerating the development of, and affordable access to, priority new vaccines for developing countries (e.g. against rotavirus and pneumococcal disease).

“IFFIm represents a unique approach to financing for development. This is the first time that bonds are issued to finance a specific objective related to health and immunization. The creation of IFFIm provides investors with an opportunity to participate in the scaling up of a highly successful public-private collaboration that is focused on saving and improving the lives of the world’s youngest and most vulnerable citizens,” said Alan Gillespie, Chair of IFFIm.

“Since its inception, GAVI and its partners have helped to save more than 2.3 million lives,” said GAVI Alliance Executive Secretary, Julian Lob-Levyt. I must recognize the extraordinary commitment of the donor countries and partners who have enabled this progress and who are supporting IFFIm.”

IFFIm expects to return to the capital markets as required to fund its programs and refinance its debt as necessary over the next 20 years.

* Source: All data in this article is sourced from the GAVI Alliance