Norway Renews its Support for IFFIm with US$421 Million Pledge

Norway Renews its Support for IFFIm with US$421 Million Pledge

May 8, 2020

The 10-year commitment to support Gavi vaccine programmes is part of Norway’s US$ 1 billion commitment to Gavi

The 10-year commitment to support Gavi vaccine programmes is part of Norway’s US$ 1 billion commitment to Gavi

London, 8 May 2020 – Norway has committed an additional US$ 412 million over the next 10 years to the International Finance Facility for Immunisation (IFFIm), which leverages long-term donor financing to produce immediate funding for Gavi, the Vaccine Alliance.

The pledge, which Norwegian Prime Minister Erna Solberg announced at the 4 May Coronavirus Global Response pledging conference, hosted by the European Union, was part of an overall US$ 1 billion commitment to Gavi. Norway is a founding IFFIm donor and had previously committed a total of US$ 330 million since 2006.

“We’re very grateful to Norway for continuing to play an essential role in IFFIm’s future success, as it has for nearly a decade and half,” said Cyrus Ardalan, Chair of IFFIm’s Board of Directors. “Norway’s leadership has been highly instrumental in enabling Gavi and its many partners to respond effectively to the current global health crisis.”

“This is absolutely vital funding, which will help us both vaccinate millions of the most vulnerable children as well as help us deliver eventual COVID-19 vaccines to the most vulnerable,” Dr Seth Berkley, CEO of Gavi, the Vaccine Alliance, of several 4 May pledges to Gavi, including Norway’s.

As Gavi’s long-term, flexible funding source, IFFIm is a vital component of Gavi’s funding structure. IFFIm has been instrumental in accelerating Gavi’s impact and safeguarding financial flexibility. Since 2006, IFFIm has leveraged donor pledges – including from Norway – to issue Vaccines Bonds on global capital markets, generating more than US$ 6.2 billion through 35 issuances in eight currencies. IFFIm is widely regarded as a pioneering social bond issuer, and Vaccines Bonds have enjoyed strong demand from socially responsible investors due to the clarity and focus of Gavi’s mission.

Gavi is seeking at least US$ 7.4 billion for its 2021 to 2025 programme period to protect 300 million children in 68 lower-income countries against deadly diseases. This funding will also ensure that the immunisation systems needed to deliver a COVID-19 vaccine are sustained through the pandemic. Gavi’s replenishment will conclude at the Global Vaccine Summit, hosted by the UK government on 4 June.

Correction: 12 June 2020: This news release has been updated to reflect the correct USD value of Norway’s pledge ($421 million). A previous version stated the amount as $400 million.