On November 7, 2006 the International Finance Facility for Immunisation (IFFIm) issues its inaugural Vaccine Bonds. IFFIm raises finance by issuing bonds in the capital markets and so converts long-term government pledges into immediately available cash resources. Proceeds raised are used by GAVI Alliance to fund their effort to immunise children in the poorest countries of the world in order “to save the lives of millions of the poorest children”.
The IFFIm uses long-term pledges [$6.3 billion over 23 years] from donor governments to sell ‘vaccine bonds’ in the London and Tokyo capital markets, borrowing against donor countries’ commitments, and provide the raised funds for GAVI programmes, which are the agenda‘s of the WHO.
“Launched in 2006, IFFIm [vaccine bonds] was the first aid-financing entity in history to attract legally-binding commitments of up to 20 years from donors and offers the “predictability” that developing countries need to make long-term budget and planning decisions about immunisation programmes.”
Australia and other countries have pledged (legally binding grant payments) to contribute US$6.8 billion to IFFIM spanning 32 years. These funds are used to repay IFFIm bondholders.
Australia issued Kangaroo Bonds in 2010.
These tax-payer funded government pledges form legally binding financial commitment for vaccines!
If off-patent, cheap and effective disease solutions were identified and accepted, this would devastate these global investments, using taxpayer funds.