Leading role in shaping GAVI's economic and financing strategies including its innovative financing mechanisms
The World Bank, a founding member of GAVI, brings the experience and expertise of the world's biggest source of development assistance to the Alliance, including extensive support for health sector development.
The Bank has taken a leading role in formulating GAVI's economic and financing strategies through a range of bodies, including the GAVI Financing Task Force (2000-2006), and as co-chair of the Immunisation Financing and Sustainability Task Team.
Innovation can be the key to making significant progress on reaching the MDGs, strengthening health systems and improving millions of lives - especially the lives of women and children.
A good example is our partnership with the GAVI Alliance, the Global Fund and the WHO to develop a platform to coordinate and channel aid to health systems.
Robert Zoellick, President, World Bank
Innovative financing mechanisms
The Bank has been a key partner and fiduciary agent developing innovative financing mechanisms for GAVI.
It helped to set up, and is now financial advisor and treasury manager to, the International Finance Facility for Immunisation (IFFIm), an innovative mechanism that leverages long term financing commitments pledged by governments to issue bonds in a variety of currencies and capital markets.
With currency risk and interest rate risk hedged and managed by the World Bank, IFFIm has raised over US$ 3.7 billion since 2006 and has secured a funding cost comparable to the most established multilateral development banks.
The Bank also supports the Advance Market Commitment (AMC), another cutting edge GAVI initiative that is helping to accelerate development and delivery of the pneumococcal vaccine. AMCs are essentially financial commitments to subsidise the future purchase of a vaccine which is not yet available - on condition that an appropriate vaccine is manufactured for developing countries and that there is demand.
The first pilot AMC, to underpin the purchase of pneumococcal vaccines, was rolled out in 2010. The Bank supported the pneumococcal AMC by a commitment to provide AMC funds even if these are not received on schedule from donors.
Health system strengthening
Over the past five years, the Bank has invested more than US$ 5.6 billion in the health sector of the poorest countries, a third of which was primarily aimed at strengthening health systems.
Role on the GAVI Alliance Board
The World Bank has a permanent seat on the GAVI Alliance Board.
Simultaneously, 18% of health investments in the poorest countries over this time period went toward child health, including for immunisations.
In 2009, the Bank partnered GAVI and the Global Fund to Fight AIDS, Malaria and Tuberculosis in setting up a joint Health System Funding Platform, part of a broader international effort to build stronger country health systems that can deliver health care efficiently, equitably and sustainably.
From June 2007 to October 2011, the World Bank received funds from GAVI through a four-year trust fund -- used to strengthen the capacity of health systems to deliver priority health interventions such as immunisation, mostly in sub-Saharan Africa.