vaccine bonds backed by the legally binding pledges from donors." To date, IFFIm has leveraged US$6.3 billion in donor pledges to raise US$4.5 billion (July 2013) on the world’s capital markets from both retail and institutional investors. The World Bank is IFFIm's treasury manager. Since IFFIm began in 2006, IFFIm funding has allowed GAVI to nearly double its expenditures in health programmes. US$2.2 billion in IFFIm funding already has been disbursed to support vaccine purchase and delivery for 70 developing countries. Health care consulting firm HLSP issued an independent evaluation of IFFIm in July 2011 that strongly commended its financial model and health care results. The report noted that not only do IFFIm-funded investments generate “extremely good returns,” but also that it likely helped GAVI save more than 2.1 million lives. The report focused on IFFIm’s cost-effectiveness, particularly the benefits of frontloading and its impact on creating large-scale immunity. IFFIm provides certainty of funding for both GAVI and recipient countries, aiding long-term planning and short-term needs. For example, US$545 million in proceeds from IFFIm funded tactical purchases that helped prevent 1.4 million deaths from yellow fever, polio and measles. Dedicated IFFIm funding also played a significant role in combating 600,000 cases of meningitis and maternal and neonatal tetanus. In addition, IFFIm helped GAVI fund breakthrough vaccines quickly and securely. IFFIm financed more than 90% of the guaranteed payment to UNICEF for initial doses of a pentavalent vaccine which immunises against five infectious diseases: diphtheria, tetanus, pertussis, haemophilus influenzae type B (Hib) and hepatitis B. GAVI could not have made that commitment and upfront cash payment without IFFIm. In December 2014 IFFIm issued its first Vaccine Sukuk, which was "a three-year, US$500 million transaction that was the largest debut Sukuk ever issued by a supra-national entity." References External links HM Treasury: International Finance Facility International Finance Facility for Immunisation International development organizations UNICEF World Bank Millennium Development Goals Aid Economic development Sustainable development Vaccination-related organizations Organizations established in 2006 2006 establishments in England Foreign relations of the United Kingdom Foreign relations of Sweden Foreign relations of France Foreign relations of Italy Foreign relations of Spain Foreign relations of the Netherlands Foreign relations of Norway Foreign relations of Australia Foreign relations of South Africa Bonds (finance)