A new financing method could raise billions of
dollars for vaccines.

Every year, millions of children in the developing world die or become seriously ill because they do not receive immunizations that are standard in the developed world. In 2000, the foundation joined with a diverse group of public and private partners to create the Global Alliance for Vaccines and Immunization (GAVI) to help ensure that all children have access to vaccines. The foundation has provided a total of $1.5 billion to GAVI since its inception, including a $750 million grant announced in January 2005. Also in 2005, GAVI generated unprecedented support from donor countries.

GAVI pools the resources and expertise of its partners to support national immunization programs in 72 of the world's poorest countries. GAVI has already reached tens of millions of children with new and underutilized vaccines and prevented an estimated 1.7 million deaths.

In September, five European governments pledged support for an innovative effort to help expand GAVI's critical work. The new International Finance Facility for Immunization (IFFIm) will issue bonds against countries' long-term aid commitments with the goal of raising up to $4 billion for GAVI. These "immunization bonds" have the advantage of unlocking the full value of multiyear aid packages immediately, when they can have the greatest impact, and providing more predictable, stable funding for immunization programs. Not only could IFFIm help GAVI save an estimated 10 million lives over the next decade, but it also represents a creative new approach to financing global health solutions.