The Global Alliance for Vaccines and Immunization Alliance announced on Tuesday that millions of the poorest children from around the world might benefit from a $700 million bond issue.
GAVI is a public-private global health partnership that is committed to saving children's lives by increasing access to immunization in poor countries. The GAVI Alliance was launched in 2000 and has helped immunize over 370 million children worldwide.
The bond issue will fund immunization efforts supported by GAVI. The transaction was done by the International Finance Facility for Immunisation.
"This global bond issue will fund immunisations for millions of children who need it the most," Jim Yong Kim, president of the World Bank Group, which is IFFIm's treasury manager, said. "Having predictable, long-term funding in place will help us ensure that the world's most vulnerable children have access to healthcare, and that is a critical step in achieving the goal of ending extreme poverty by 2030."
GAVI will use the money to purchase vaccines to fight pneumonia and diarrhea, which are two of the most frequent killers of children under the age of five. GAVI will also purchase vaccines for diphtheria, tetanus, pertussis, Hib and hepatitis B.
"IFFIm's Vaccine Bonds prove that investments can make both financial sense and a social impact by saving lives," IFFIm Chair René Karsenti, said. "Vaccine Bonds are critical testimony of the formidable evolution of the international bond markets, providing effective financing tools for social impact."