The International Finance Facility for Immunisation (IFFIm) today announced the settlement of its £300 million, 3-year, 4.25% fixed-rate note — the third Sterling-denominated transaction it has completed — taking its total vaccine financing past US$10 billion.

The new note, first announced on June 3, drew strong demand from a broad base of global investors, nearly 90% of them UK-based asset managers and institutional investors in London. The strong response underscores continued UK support for employing financial markets to aid health initiatives in low-income countries.

“This is a powerful affirmation that financial innovation can make a measurable, lifesaving impact for children and vulnerable communities across the world.”
— Ken Lay, chair of IFFIm

IFFIm was originally established in 2006 to enable Gavi, the Vaccine Alliance, to accelerate funding for vaccines through borrowing against future donor payments. British financial institutions, including Linklaters and Slaughter and May (legal counsel), alongside HSBC, Barclays, NatWest, and Standard Chartered (arranging banks), supported the deal. This new transaction brings total Sterling-denominated issuances to more than £816 million.

Beyond financial innovations, IFFIm funding underpins vaccines that help protect children in low-income countries and enable health systems to become more resilient. Between 2021 and 2025, IFFIm is providing US$132 million for HPV vaccines — more than 21% of Gavi’s funding for the disease — alongside US$33.3 million for malaria vaccines, helping enable their first rollout in 20 African countries.

“This new financing shows the continued confidence investors have in IFFIm and Gavi’s ability to make a powerful, sustainable health impact. Without this forward funding, many vaccines simply wouldn’t reach children who need them most.”
— Seth Berkley, chief executive of Gavi, the Vaccine Alliance

Together with its investors, partners, and donors — including the UK Government — IFFIm continues to transform future financial commitments into immediate funding for vaccines. This new transaction, following its two previous Sterling issuances in 2009 and 2022, further strengthens its ability to make a measurable health impact.