This partnership contributes to the WHO-led Global Polio Eradication Initiative. The Bank developed the IDA buy-down mechanism to allow more concessional financing for activities addressing global public goods or cross border externalities. Working in partnership with the Gates Foundation, Rotary International, and United Nations Foundation, the Bank piloted the IDA buy-downs for polio eradication credits. Funds provided by these partners will "buy-down" the cost of the IDA credit supporting polio eradication needs to grant terms if agreed performance targets are met. Trust funds have been established to hold the donors funds for buy-downs. To date, the Gates Foundation, Rotary International, UNF and the US Government have collectively provided $85 million, resulting in IDA credits of roughly $190 million for polio activites in Nigeria and Pakistan. These resources will be used to "buy-down" the credit, paying for the net present value of the IDA credit. The polio buy-down credits effectively become grants for polio eradication if the government achieves the performance targets, in this case measures as immunization coverage with the polio vaccine and timely receipt of the vaccine in country. The inhernet concessionality of IDA credits allows apartners to leverage their funding - ensuring every $1 in buy-down results in $2 of polio support to the country.
Senior Health Specialist
The World Bank
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