The International Finance Facility for Immunization (IFFIm) is a rare example of the capital markets being used in a direct attempt to ameliorate health conditions. Its proponents suggest the IFFIm will dramatically boost money provided to meet the much-vaunted Millennium Development Goals.
Officially unveiled in mid September, the initiative finances a programme of large-scale immunization against disease in developing countries. It uses a securitization vehicle, IFFIm, which is backed by part of its expected future income stream – mainly a series of future conditional annual donations by various governments.
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