The International Finance Facility for Immunisation (IFFIm) has initiated a strategic review as it enters its third decade, following a leadership transition at board level. The review is focused on ensuring that IFFIm remains fit for purpose and continues to play a vital role in global health financing.

Cygnum Capital has been engaged by IFFIm to support this strategic review, working in partnership with Gavi, the Vaccine Alliance, and the IFFIm Board. The mandate reflects Cygnum’s deep experience in sustainable finance, capital markets and impact-driven investment structures.

IFFIm is one of the world’s most innovative development finance institutions, using capital markets to front-load long-term government pledges and provide immediate funding for immunisation programmes. Since inception, it has raised more than US$10 billion through bond issuance, significantly accelerating vaccine access in lower-income countries.

Cygnum’s role in the review is focused on helping IFFIm assess its future strategic positioning, operating model and funding approach, with the objective of sustaining and enhancing IFFIm’s profound impact on global health outcomes. The engagement underscores Cygnum Capital’s commitment to supporting mission-driven institutions at the intersection of finance, development and long-term societal impact.

Background

📌 IFFIm Begins Strategic Review as Leadership Changes

Ken Lay, who has chaired the International Finance Facility for Immunisation (IFFIm) for about five years, handed over leadership to Georgina Baker earlier this year. Georgina Baker is a seasoned global finance executive, formerly a vice-president of the International Finance Corporation (IFC) with deep experience in capital markets and development finance.

📌 Strategic Review Underway

The organisation, now about 20 years old, has launched a strategic review of its purpose and operations as it enters its third decade. The review aims to explore how IFFIm can do more and operate more efficiently, and is expected to shape its direction in the years ahead. Part of this review focuses on assessing existing funding models, broadening impact and potentially expanding or refreshing IFFIm’s role in global health financing.

📌 IFFIm’s Financial Role

IFFIm issues bonds backed by multi-year government pledges, providing immediate financing for vaccination programmes managed by Gavi, the Vaccine Alliance. The vehicle has sold over $10 billion in bonds since inception and continues to support immunisation efforts by front-loading long-term donor commitments.