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www.gavi.org
INNOVATIVE FINANCE:
HELPING SAVEMORE LIVESPaolo SisonDirector, Innovative Finance
Tbilisi International Solidarity and Innovative Financing Forum16-18 December 2015
#vaccineswork
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GAVI’S PARTNERSHIP MODEL
Building on the comparative advantages of both public and private partners to achieve Gavi’s mission:
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To save children’s lives and protect people’s health by increasing equitable use of vaccines in lower income countries
INNOVATIVE APPROACHES
Finding innovative solutions to immunisation challenges: core to Gavi’s business model
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Innovative finance: more money for health and more health for the money:
IFFIm vaccine bonds
Strategic private sector partnerships / Gavi Matching Fund
Ensure reliable market for vaccines in developing countries
Advance Market Commitment (AMC) Accelerating affordable supply of appropriate vaccines
Collaboration with private sector to identify and acquire core business skills to improve vaccine delivery
Lions Clubs: commitment to eradicate measles and rubella
Raising finances Shaping vaccine markets Vaccine delivery
INTERNATIONAL FINANCE FACILITY FOR IMMUNISATION (IFFIm)
Created in 2006 to rapidly accelerate availability and predictability of funds for immunisation, helps Gavi to:
• Scale up vaccination programmes quickly
• Secure long-term visibility and predictable funding
• Provide Gavi with operational cash flow flexibility
• Provide market shaping potential
HOW IFFIm WORKS
Immunisationprogrammes
Government donorsLong-term financial pledges
Capital market investors
Bonds $$$
$$$
IFFIm: BUILDING PARNTERSHIPS ACROSS COUNTRIES, DONORS & INVESTORS
73 World’s poorest countries 9 Donor countries 31 bond transactions
Eurobond
Global benchmark
Kangaroo
Uridashi
Islamic finance
United Kingdom
France
Italy
Norway
Australia
Spain
The Netherlands
Sweden
South Africa
Islamic finance
U.S. dollar ($)
Euro (€)
Australian dollar (A$)
Turkish lira ( )₺
South African rand (R)
Brazilian real (R$)
Japanese yen (¥)
The Result
IFFIm’s IMPACT: PENTAVALENT VACCINE
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Helped establish pentavalent programme by financing >90% of initial vaccines
Gavi now able to procure pentavalent vaccines for as low as only $1.19 a dose
Total IFFIm support now at US$ 1.3 billion
The issue IFFIm’s contribution
~ 14.5 million children immunised
~ 207,000 future deaths prevented (2006-2013)
All 73 Gavi countries have introduced pentavalent vaccine
Five diseases kill ~1 million people every year
• diphtheria• tetanus• pertussis• Hib• hepatitis B
IFFIm EXPANDS INTO SUKUK MARKET
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Inaugural sukuk of US$500m issued on 27 Nov 2014
• Largest sukuk al-murabaha issuance in public markets
• Largest inaugural sukuk by a supranational
• First socially responsible sharia-compliant financing to save children’s lives
Second sukuk of US$ 200m issued on 17 Sep 2015
Success of sukuks have afforded Gavi increased engagement and visibility in the Middle East
POTENTIAL FUTURE ROLES FOR IFFIm
The Gavi Secretariat, IFFIm Board, and IFFIm donors have been engaging in a strategic exploration around:
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• How IFFIm’s capabilities could better enable Gavi’s 2016-20 strategy
• Areas could include further scale-up of vaccines, solutions for strengthening market-shaping, supporting strategic focus areas and funding rapid responses to unforeseen events
RECOGNITION OF IFFIm BY GLOBAL COMMUNITY
IFFIm’s unique role was recognised by the global community at the UN Third International Conference on Financing for Development in Addis Ababa on July 2015:
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We encourage consideration of how existing mechanisms, such as the International Finance Facility for Immunisation might be replicated to address broader development need.
LESSONS LEARNED
• Importance of political commitment amongst the donor community, close collaboration between partners, and a rigorous design process
• Recognition that innovation may sometimes not be creating new structures but rather leveraging existing mechanisms in new ways
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FUTURE INNOVATIVE FINANCE IN GAVI
• In addition to its existing mechanisms, Gavi is constantly exploring potential new innovative finance products
• Recent concepts under consideration have included:• Donor-related ideas• New investment products• Private sector partnerships• Sovereign-led initiatives
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www.gavi.org
THANK YOU
#vaccineswork
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