IFFIm earns A+ rating from FCDO
IFFIm earns A+ rating from FCDO
1 November 2023
FCDO plaque
IFFIm has earned an A+ score, reflecting its continued strong performance in 2021 and 2022 supporting Gavi, according to the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO).
IFFIm has earned an A+ score, reflecting its continued strong performance in 2021 and 2022 supporting Gavi, according to the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO).
In explaining its A+ rating, the FCDO cited IFFIm as “a highly effective and efficient financial instrument supporting Gavi’s ability to achieve equitable access to immunisation despite challenging financial market conditions.”
The FCDO report cites how the 2020 to 2022 period has been “extraordinary” for Gavi and IFFIm. For example, during the COVID-19 crisis, donors tapped IFFIm to frontload funding for COVAX, helping speed up funding toward the pandemic response. Donors provided US$ 1.1 billion in additional contributions. IFFIm’s flexibility and efficiency also enabled Gavi to enter advance purchase agreements with vaccine manufacturers.
Moreover, cites the FCDO, since 2021, IFFIm has provided over US$ 2.0 billion to Gavi, including the largest ever single-year transfer of US$ 1.2 billion in 2021. In 2021 and 2022, IFFIm provided about 29% of Gavi’s funding for its core programmes, making it the biggest annual contributor among Gavi's existing funding sources.
As IFFIm’s founding and largest donor, the UK evaluates IFFIm annually. IFFIm has consistently earned an A/A+ rating as an efficient, effective and equitable financial instrument. Since 2006, the UK has channelled £2.6 billion to Gavi through IFFIm, including a 2020 pledge for £500 million for the COVAX AMC.
Since 2006, IFFIm has been a critical player in Gavi’s financial strategy. It is the main source of long-term, predictable and flexible funding for Gavi 5.0. Moreover, the pandemic has demonstrated in real time the importance of IFFIm’s proven frontloading model.
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