IMFIN brief 13: UNICEF’s Vaccine Independence Initiative

Why did UNICEF establish a vaccine financing credit line? What countries might benefit from it? What are the requirements for participating?

Key points

• The Vaccine Independence Initiative (VII) is a successful revolving fund managed by UNICEF. It provides country subscribers with flexible financing that enables steady vaccine supplies.
• The VII provides credit to countries for vaccine purchase through UNICEF, with repayment due 30 days after delivery of vaccines.
• Vaccines arrive several months sooner than would otherwise be expected using the fund’s credit line.
• More than 20 countries in Africa, the Pacific Islands, and Southeast Asia have used the fund to prefinance vaccines, injection supplies, and cold chain equipment.
• In addition to applying to VII, governments that have challenges with late budget releases might also consider approaching commercial banks about commercial financing instruments for critical vaccine purchases.