History
History
Trace IFFIm’s history in the making, from the U.K.’s groundbreaking proposal in 2003 to the latest vaccine bond issuances.
IFFIm returns to UK market with £300 million bond
With the June transaction, IFFIm’s total issuance since its founding now exceeds US$ 10 billion, supporting life-saving immunisation programmes in lower-income countries through its partner, Gavi.
Jun
IFFIm increases its most recent bond by US$ 250 million to total US$ 1.25 billion
The 2024 transaction had previously raised US$1 billion. The April 2025 tap makes this issue IFFIm’s largest bond with proceeds of US$ 1.25 billion for Gavi.
2025
IFFIm issues US$ 1 billion bond to support global vaccine programs
The 3-year bond, which will fund Gavi and CEPI programmes, was IFFIm’s largest single benchmark transaction in the primary market since its inaugural benchmark in 2006.
2024
Eleventh IFFIm donor
Canada expands its commitment to childhood immunisation as 11th donor to IFFIm pledging C$ 125 million.
2023
IFFIm raises US$ 500M through latest bond
In its second transaction this year, IFFIm raised US$ 500M to fund Gavi’s core programmes including efforts to reach “zero dose children” and help countries catch up on routine immunisation.
Oct
IFFIm returns to UK market with £250 million bond
The transaction was IFFIm’s second IFFIm issuance in pound sterling and provided immediately available funding for Gavi to help countries recover routine immunisation rates.
2022
IFFIm turns 15
IFFIm marks its 15th birthday this year, just as the COVID-19 pandemic has renewed focus on the importance of its unique frontloading model.
Nov
Additional funds for COVAX and Gavi
A US$ 250 increase on April bond brings funding COVAX and Gavi core programmes raising earlier bond total to US$ 1bn.
Nov
IFFIm issues largest Vaccine Bond since 2006
A $750M bond issuance, IFFIm’s largest since 2006, raises funding for Gavi, COVAX AMC.
Apr
Ken Lay takes over as Board Chair
Former World Bank executive with extensive capital markets experience, takes over as IFFIm Chair.
2021
IFFIm issues more Vaccine Bonds
IFFIm raises NOK 2B and US$ 500 million for CEPI’s COVID-19 vaccine development and Gavi’s core and COVID-19 programmes respectively.
Nov
IFFIm grows donor support during COVID-19
Donors commit new pledges to IFFIm: US$ 870M from Italy, The Netherlands, and Norway for Gavi’s core programmes; US$ 845M from Norway, the United Kingdom and Spain for the Gavi COVAX AMC; and US$ 206M from Norway and Italy for CEPI.
2020
Sukuk, CEPI bond issuances affirm IFFIm’s strength
A private placement sukuk raises US$ 50M in April. In July, IFFIm issues NOK600M vaccine bonds backed by Norway to fund CEPI’s development of new vaccines.
2019
IFFIm expands its donor base
Brazil becomes first Latin American donor country and second BRICS donor. Cyrus Ardalan appointed as board chair.
2018
IFFIm‘s sixth benchmark raises US$ 300M
IFFIm issues Vaccine Bonds in the international US dollar benchmark market, raising US$ 300M in a transaction jointly led by Citi, Crédit Agricole and Goldman Sachs International.
2017
IFFIm’s fifth benchmark raises US$ 500M
IFFIm’s return to international US benchmark raises US$ 500M in a transaction led by Citi, Deutsche Bank and J.P. Morgan. It is IFFIm’s second floating rate offer and fifth benchmark since 2006.
2016
More pledges, a second sukuk, and an accolade
IFFIm donors make US$ 280M in additional pledges, and later strengthens profile in Islamic markets with second sukuk that raises US$ 200M. Meanwhile, global leaders gathered in Addis Ababa praise IFFIm's financial model.
2015
IFFIm enters Islamic markets with award-winning sukuk
The sukuk, an SRI that complies with Islamic law, raises US$ 500M and garners awards from The Financial Times and other outlets.
2014
SRI Innovation of the Decade
IFFIm cited as “SRI Innovation of the Decade” by mtn-i and raises US$ 700M in its first floating rate offer.
2013
“25 most influential deals”
IFFIm’s 2008 Uridashi named among “25 most influential deals” by Euroweek, setting a trend for ethically themed bonds sold to retail investors in Japan. René Karsenti is appointed new board chair.
2012
IFFIm cited for helping Gavi save 2.1M lives
while delivering 3x the value per dollar spent in a report by healthcare consulting firm HLSP which praised IFFIm’s model for its low-cost and efficiency. Meanwhile, Australia pledges AUD 250M over 20 years.
2011
IFFIm prices an inaugural benchmark in AUD attracting value investors
IFFIm issues AUD 400M, five-year bonds. Institutional investors show increasing support for IFFIm as a pioneering socially responsible investment in global health.
2010
The Netherlands stimulates innovation with a pledge of €60M
demonstrating its strong desire to engage the private sector. They are IFFIm’s eighth donor, pledging €60M over eight years.
2009
Uridashi bonds captivate retail Japanese investors, earn accolades
IFFIm’s second Vaccine Bond sale secured US$ 223M from private investors in Japan, making it the largest South African rand-dominated bond in the Uridashi market to date.
2008
South Africa becomes the first BRICS country donor
South Africa contributes US$ 20M to IFFIm, which ends its first full year in operation having provided US$ 995M in health programme funding to 43 countries.
2007
First Vaccine Bonds raise US$ 1B
Funds raised from institutional investors accelerate funding that will enable Gavi to immunise more than 500 million children before 2015.
2006
2005
A pilot launches for financing immunisation
The UK and France commit to launch an International Finance Facility for Immunisation (IFFIm), a pilot that would apply IFF principles to the immunisation sector.
2004
A new way to finance global health
The UK proposes a groundbreaking idea: an International Finance Facility, or IFF, to provide upfront funding to address critical needs in the developing world and work toward meeting the UN’s Millennium Development Goals by 2015.
2003
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