International Finance Facility for Immunisation (IFFIm)
The International Finance Facility for Immunisation (IFFIm) is a development financing institution whose aim is to provide funding more quickly and predictably for immunization programs through the GAVI Alliance to 70 of the worldís poorest countries. Launched in 2006, the program has received pledges worth $5.3 billion for the next 20 years from the governments of The United Kingdom, France, Italy, Spain, Sweden, Norway, the Netherlands and South Africa. With the backing of these government commitments, IFFIm borrows money by issuing bonds in the capital markets to fund vaccination programs in developing countries. By frontloading commitments and using financial markets, the institution provides key support to the meeting of the millennium development goals by 2015.
Established as a charity organization in the United Kingdom, IFFImís bonds are AAA-rated by the three credit rating agencies. The World Bank is the treasury manager for IFFIm and coordinates with the donors and manages their binding commitments and pledges. The Bank arranges the issuance of IFFIm bonds and provides risk management, investment management, accounting, legal, and other administrative services. The Bank is also responsible for the relationships with the credit rating agencies and investor outreach efforts.
CFPMI oversees the services that a number of departments within the Bank provide to IFFIm. CFPMI is responsible for coordinating with the donors payment of the periodic grant payment amounts that support the bond issuance program. The department assists the Bank treasury in creating a funding strategy for the IFFIm board by analyzing future cash flows. CFPMI also ensures timely allocation of funds for the GAVI Fund Affiliate for distribution it to programs approved by the GAVI Alliance Board.