IFFIm earns A+ rating from the UK for the sixth consecutive year, solidifying its role in Gavi’s global immunisation efforts
IFFIm earns A+ rating from the UK for the sixth consecutive year, solidifying its role in Gavi’s global immunisation efforts
14 November 2024
Plaque of the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO)
For the sixth consecutive year, the International Finance Facility for Immunisation (IFFIm) has been awarded an A+ rating by the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO).
For the sixth consecutive year, the International Finance Facility for Immunisation (IFFIm) has been awarded an A+ rating by the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO). This continued recognition highlights IFFIm’s excellence through 2023 and reinforces its critical contribution to Gavi, the Vaccine Alliance, as it tackles global immunisation priorities amidst a challenging financial environment.
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 of £500 million for the COVAX AMC.
A vital financial backbone for Gavi
Recognized by the FCDO for being “highly successful at achieving its objectives and increasing Gavi’s effectiveness,” IFFIm plays a key role in maintaining Gavi’s life-saving vaccination programs. Despite a volatile financial landscape, IFFIm’s flexible financial structure and adaptive strategies ensure Gavi’s swift response to crises like the COVID-19 pandemic, when funding is urgently needed.
A strong performance track record
As of June 2024, IFFIm has secured US$ 9.7 billion in legally binding pledges from 11 donor governments, with commitments reaching as far as 2037. Canada’s CAD$ 125 million pledge in 2023 and Spain’s €75 million grant for CEPI (Coalition for Epidemic Preparedness Innovations) in December 2023 demonstrate the growing global confidence in IFFIm’s ability to deliver results. Moreover, IFFIm’s support extends beyond vaccines, as seen in the contributions from Italy, Norway and Spain to advance CEPI’s vaccine R&D efforts, particularly during the COVID-19 response.
Key role in Gavi 5.0/5.1 and COVAX
The FCDO report notes that IFFIm has been instrumental in supporting Gavi’s 2021-2025 strategic period by securing major pledges, including:
- US$ 1.72 billion for Gavi 5.0 programs from Canada, Italy, Norway, and others.
- US$ 1.10 billion for the COVAX AMC from Australia, Sweden, and the UK.
- US$ 354 million for CEPI from Norway, Italy, and Spain.
IFFIm is set to disburse approximately US$ 3.2 billion by the end of 2025, ensuring that Gavi continues to deliver vaccines to millions of vulnerable children and communities worldwide.
Meeting global challenges with financial efficiency
In the face of rising interest rates and global economic uncertainty, IFFIm has remained resilient. Between 2021 and 2023, it raised US$ 1.8 billion in immediate funding and disbursed over US$ 2.5 billion to Gavi. Despite the global financial challenges, IFFIm’s cost of financing remains competitive, demonstrating the effectiveness of its model. Additionally, its administrative expenses continue to stay below target, further highlighting its operational efficiency.
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