IFFIm is a new international development financing institution that is supported by sovereign donors (currently the governments of France, Italy, Norway, South Africa, Spain, Sweden and the United Kingdom). President Lula of Brazil has also announced that his country also intends to make a 20-year commitment to IFFIm. IFFIm funds the GAVI Alliance (formerly the Global Alliance for Vaccines and Immunisation). The World Bank is the Treasury Manager for IFFIm.

 

IFFIm‘s financial base consists of legally-binding payment obligations from sovereign donors. It is intended for IFFIm to borrow operating funds in the international capital markets over 10 years, up to a prudently limited proportion of the sovereign obligations making up its financial base (gearing ratio). Given the strength of its backing from largely triple-A-rated sovereigns, and its conservative financial policies, IFFIm has been rated AAA/Aaa/AAA by FitchRatings, Moody’s Investors Service, and Standard & Poor’s.

 

Goldman Sachs International was the financial advisor for the establishment of IFFIm on a pro bono basis.