Norway’s quiet power move: how a founding donor Is driving global health through innovative finance*
Norway’s quiet power move: how a founding donor Is driving global health through innovative finance*
23 September 2025
Norway
When Norway joined the International Finance Facility for Immunisation (IFFIm) as a founding member in 2006, the idea of using the capital markets to fund vaccines was still a bold experiment.
When Norway joined the International Finance Facility for Immunisation (IFFIm) as a founding member in 2006, the idea of using the capital markets to fund vaccines was still a bold experiment. But nearly two decades and over US$ 1 billion in pledged support later, that decision has proven transformational - not just for Gavi, the Vaccine Alliance, but for global health at large.
A legacy of leadership
As a founding donor to IFFIm, Norway set a powerful example early on. It initially committed US$ 27 million over 15 years and in 2010 added NOK 1.5 billion over 11 years, laying the groundwork for what would become one of the most effective and innovative financing mechanisms in development history. Since then, Norway has expanded its support significantly, with NOK 4 billion pledged in 2020 in support of Gavi’s work. In 2020, Norway also leveraged the power of IFFIm to support CEPI, the Oslo-based Coalition for Epidemic Preparedness Innovations, with NOK 600 million, and again in 2021 with an additional NOK 1 billion to support COVAX AMC - ensuring that life-saving Covid-19 vaccines reach those in the world’s poorest countries.
Flexibility in a time of crisis
IFFIm’s structure allows Norway to pay over time while giving Gavi the ability to frontload funds - an invaluable advantage in urgent health emergencies. IFFIm gave Norway a way to meet its obligations to global health and pandemic preparedness without compromising its fiscal discipline.
“This is what IFFIm was designed to do,” said Norwegian Development Minister Dag-Inge Ulstein.
A triple-A vote of confidence
Norway’s AAA credit rating doesn’t just boost investor confidence; it enhances the strength of IFFIm’s financial structure. This financial credibility has helped bring new, non-traditional donors into the IFFIm fold as well as encouraging participation from institutional investors that value a strong credit rating.
Notably, Norwegian banks and financial institutions have participated in IFFIm transactions both as arrangers and investors, underlining the country’s deep-rooted commitment and IFFIm’s unique multi-stakeholder model.
The Road ahead
Norway’s continued leadership remains essential. Its ability to use innovative finance to solve real-world problems - efficiently, strategically, and equitably - stands as a model for how wealthy nations can use their financial strength for global good.
Quietly and consistently, Norway has helped pioneer a smarter, faster way to fund health and the world is safer and healthier because of it.
*This article is part of an 11-part series profiling IFFIm donors.
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