World Leaders Pledge US$ 926 Million to IFFIm
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- World Leaders Pledge US$ 926 Million to IFFIm
World Leaders Pledge US$ 926 Million to IFFIm
June 15, 2020
Ouagadougou, Burkina Faso Credit: Juliette Bastin
Italy, the Netherlands, Norway and Spain have affirmed their continued support of IFFIm, together contributing a total of US$ 926 million in new, long-term funding to International Finance Facility for Immunisation (IFFIm). The pledges were made in the donor countries’ respective currencies.
- Italy, the Netherlands, Norway and Spain have renewed their support for IFFIm’s innovative financing mechanism
- Commitments to IFFIm are part of US$ 8.8 billion in total pledges to Gavi
- These new pledges will help Gavi immunise another 300 million children during the 2021-2025 period and respond to the COVID-19 crisis
London, 15 June 2020 – Italy, the Netherlands, Norway and Spain have affirmed their continued support of IFFIm, together contributing a total of US$ 926 million in new, long-term funding to International Finance Facility for Immunisation (IFFIm). The pledges were made in the donor countries’ respective currencies.
The renewed funding ensures IFFIm’s financial strength, enabling the innovative social bond pioneer to help Gavi meet its 2021-2025 strategic goals, which include immunising another 300 million children and responding to the COVID-19 crisis. The pledges to IFFIm are part of a total US$ 8.8 billion raised for Gavi, the Vaccine Alliance – far exceeding both Gavi’s and IFFIm’s replenishment targets.
The new pledges were announced at the Global Vaccine Summit on 4 June 2020, hosted by UK Prime Minister Boris Johnson. Representatives from 62 countries, including 42 Heads of State, joined leaders from global health organisations, the private sector, vaccine manufacturers and civil society organisations to support the Vaccine Alliance’s work protecting almost half the world’s children against deadly, preventable infectious diseases. During the Summit, IFFIm’s model was also recognised as an instrument that could surge funding to address the COVID-19 pandemic.
“For Gavi’s third pledging conference, we received support from all over the world, demonstrating global solidarity around the priority of making vaccines accessible to the most vulnerable,” said Dr Seth Berkley, CEO of Gavi. “It’s heartening to see how many countries have affirmed Gavi’s mission through their generous donations to IFFIm, which will enable Gavi to use Vaccine Bonds to raise flexible funding in the future, where and when it is needed.”
“This is a historic moment for Gavi and IFFIm,” said Cyrus Ardalan, IFFIm Board Chair. “With the new pledges, IFFIm has greatly exceeded its replenishment goals. The strong and continuing support from donors ensures IFFIm’s ability to remain a vital part of Gavi’s financial structure into the future. IFFIm will serve Gavi in its next funding cycle to provide equal access to vaccines for all.”
IFFIm, a UK charity established in 2006, is a vital component of Gavi’s capital structure. Its Vaccine Bonds have been instrumental in accelerating Gavi’s impact and safeguarding its financial flexibility. IFFIm has leveraged donor pledges to issue Vaccine Bonds on global capital markets, generating nearly 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. The World Bank serves as IFFIm’s treasury manager.
The US$ 926 million in new replenishment pledges to IFFIm come from four sovereign donors:
Italy committed €150 million (approximately US$ 168 million) in a new long-term pledge to IFFIm over the 2026-2030 period. Italy, which previously committed €499 million to IFFIm over 20 years, is one of its founding and leading donors.
The Netherlands renewed its support for IFFIm with a pledge of €250 million (approximately US$ 280 million) over the 2021-2030 period. The pledge represents the largest contribution by the Netherlands to IFFIm, exceeding the combined amount of €140 million it provided through two previous grants. The Netherlands joined IFFIm in 2009 and remains a stalwart supporter of Gavi’s programmes.
“Since its inception 20 years ago, Gavi’s model has transformed the lives of hundreds of millions of people in many developing countries,” said Kitty van der Heijden, Director-General for International Cooperation, The Netherlands. “IFFIm is an important part of that model, providing flexible funding to launch, deepen and expand immunisation initiatives. Because it is a proven success, IFFIm is well positioned to play a critical role in the growing response to the biggest health crisis of the last century. The Netherlands recognises that, more than ever, investing in IFFIm is smart and of added value to global health security.”
Norway renewed its support for IFFIm with a pledge of NOK 4 billion (approximately US$ 421 million) over the 2021-2030 period. Norway is a founding IFFIm donor and had previously committed a total of US$ 330 million.
In addition to this support, Norway has committed NOK 2 billion (approximately US$ 200 million) to IFFIm to issue Vaccine Bonds that will expedite funding through Gavi, the Vaccine Alliance (Gavi) to the Coalition for Epidemic Preparedness Innovations (CEPI), which is working to rapidly develop COVID-19 vaccine candidates.
Spain renewed its support for IFFIm with a pledge of €50 million (approximately US$ 56 million) over the 2026-2030 period. Spain is a founding IFFIm donor and had previously committed €190 million over 20 years.
“Spain once again validates our commitment to IFFIm so that Gavi can carry out its work. Ensuring equitable access to vaccines is a multilateral responsibility. That is why Gavi’s operation model is exemplary. It combines the needs of developing countries with the know-how of international organisations and experience of the private sector,” said Pedro Sánchez Pérez-Castejón, Prime Minister of Spain.
Notes to editors
About Gavi, the Vaccine Alliance
Gavi, the Vaccine Alliance is a public-private partnership that helps vaccinate half the world’s children against some of the world’s deadliest diseases. Since its inception in 2000, Gavi has helped to immunise a whole generation – over 760 million children – and prevented more than 13 million deaths, helping to halve child mortality in 73 developing countries. Gavi also plays a key role in improving global health security by supporting health systems as well as funding global stockpiles for Ebola, cholera, meningitis and yellow fever vaccines. After two decades of progress, Gavi is now focused on protecting the next generation and reaching the unvaccinated children still being left behind, employing innovative finance and the latest technology – from drones to biometrics – to save millions more lives, prevent outbreaks before they can spread and help countries on the road to self-sufficiency. Learn more at www.gavi.org and connect with us on Facebook and Twitter.
The Vaccine Alliance brings together developing country and donor governments, the World Health Organization, UNICEF, the World Bank, the vaccine industry, technical agencies, civil society, the Bill & Melinda Gates Foundation and other private sector partners. View the full list of donor governments and other leading organizations that fund Gavi’s work here.
IFFIm is an independent UK charity established in 2006 in support of Gavi as a way to accelerate funding for immunisation in the world’s poorest countries. IFFIm has been instrumental in accelerating Gavi’s impact and safeguarding financial flexibility. Since 2006, IFFIm has leveraged donor pledges 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.
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