In November 2004 the United Kingdom treasury and France announce their commitment to launch an International Finance Facility for Immunisation (IFFIm) – a pilot that would apply the principles of the broader IFF on a smaller scale to the immunisation sector. The International Finance Facility (IFF) starting January 2003, was inspired to provide development assistance funds for the United Nations 2015 Millennium Development Goals (MDG) to end global poverty. [1]
In his speech in May 2005 addressing the World Health Assembly, Bill Gates mentioned the International Financing Facility for Immunizations which was “[p]roposed by the United Kingdom, with support pledged by France, Germany, Sweden, and Italy.” Gates went on to say that “this initiative would provide developing countries with the reliable funding they need, year after year, to buy vaccines, which gives the private sector the market incentive to make them and deliver them. Market forces will work for poor people only if governments put up the funds to create a market.”
IFFIm is a international development institution and vital component of GAVI’s capital structure. The IFFIm is designed to accelerate the availability of funds to be used for health and immunisation programmes through the GAVI Alliance (GAVI) in 70 of the poorest countries around the world. The IFFIm is ran by the World Bank [2, 3, 4]
In November 7, 2006 the IFFIm launch their inaugural Vaccine Bonds, their means for raising capital and being able to provide consistent and predictable finance for GAVI to fund their vaccine programs. [1]