IFFIm and World Bank renew commitment to raise funds for GAVI programmes

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IFFIm announces the renewal for five years of its Treasury Management Agreement with the World Bank 

Washington, 10 October 2011 - The International Finance Facility for Immunisation (IFFIm) is pleased to announce the renewal for five years of its Treasury Management Agreement with the World Bank.

This has been an effective partnership that has positioned IFFIm exceptionally well in markets and contributed greatly to the GAVI Alliance's role in vaccinating children in developing countries against serious, but preventable diseases.

Alan Gillespie, IFFIm Board Chair

Under the agreement, the World Bank manages IFFIm's finances according to prudent policies and standards. This includes IFFIm's funding strategy and its implementation in the capital markets, rating agency and investor outreach, hedging transactions and investment management. The World Bank also coordinates with IFFIm's donors and manages their pledges and payments as well as IFFIm's disbursements for immunisation and health programmes through the GAVI Alliance.

Effective partnership

"This has been an effective partnership that has positioned IFFIm exceptionally well in markets and contributed greatly to the GAVI Alliance's role in vaccinating children in developing countries against serious, but preventable diseases," says Alan Gillespie, IFFIm Board Chair.

"The World Bank is proud to serve as IFFIm's Treasury Manager and to contribute to the important role IFFIm plays in ensuring that immunisation funds reach children as quickly as possible," says Axel van Trotsenburg, Vice President for Concessional Finance and Global Partnerships at the World Bank.

Life saving funds

IFFIm was set up in 2006, to help save millions of children's' lives by increasing funding for the purchase and delivery of vaccines and by strengthening health services in developing countries through the GAVI Alliance. IFFIm's donors are the United Kingdom, France, Italy, Spain, Australia, the Netherlands, Sweden, Norway and South Africa. Brazil has also announced that it will become an IFFIm donor.


About IFFIm

International Finance Facility for Immunisation Company (IFFIm) is a multilateral development institution created to accelerate the availability of predictable, long-term funds for health and immunisation programmes through the GAVI Alliance (formerly the Global Alliance for Vaccines and Immunisation) in 70 of the poorest countries around the world. IFFIm was created as a development financing tool to help the international community achieve the Millennium Development Goals. IFFIm's financial base consists of legally binding grants payments from its sovereign sponsors (France, Italy, Norway, South Africa, Spain, Sweden and the UK), on the basis of which IFFIm's is rated AAA/Aaa/AAA (Fitch/Moody's/S&P). The World Bank is the Treasury Manager for IFFIm. IFFIm was established as a charity with the Charity Commission for England and Wales and is registered in England and Wales as a company limited by guarantee with number 5857343 and as a charity with number 1115413.

About the World Bank

The World Bank is a global development cooperative owned by 187 member countries. Its purpose is to help its members achieve equitable and sustainable economic growth in their national economies and to find effective solutions to pressing regional and global problems in economic development and environmental sustainability. The goal is to help overcome poverty and improve standards of living for people worldwide. The International Bank for Reconstruction and Development (IBRD), rated Aaa/AAA (Moody's/S&P), is the oldest and largest entity in the World Bank Group and provides funding, risk management tools and credit enhancement to sovereigns. To fund this activity, IBRD has been issuing debt securities in the international capital markets for 60 years. The World Bank is also the Treasury Manager for IFFIm. In that capacity, the World Bank, as IFFIm's agent, manages IFFIm's finances according to prudent policies and standards. This includes IFFIm's funding strategy and its implementation in the capital markets, rating agency and investor outreach, hedging transactions and investment management. The World Bank also coordinates with IFFIm's donors and manages their pledges and payments as well as IFFIm's disbursements for immunisation and health programmes through the GAVI Alliance.

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