Japanese Investors Welcome the Launch of IFFIm’s Debut “Vaccine Bonds”

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Tokyo, March 4, 2008 - Japanese investors enthusiastically welcomed the launch of the debut offering in the Japanese market of the International Finance Facility for Immunisation Company (“IFFIm”), a ZAR 1.7 billion (USD equivalent 223 million) two year uridashi issue. The funds raised by the issue will be used by the GAVI Alliance for health and immunisation programmes in 70 of the poorest countries around the world to save millions of lives.

IFFIm is one of the newest supranational issuers in the international capital markets and is rated AAA/Aaa/AAA by Fitch Ratings Limited (“Fitch”), Moody’s Investors Service Inc (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). The World Bank is IFFIm’s Treasury Manager.

The “Vaccine Bonds” are being arranged by Daiwa Securities SMBC Co. Ltd., the wholesale securities firm under Daiwa Securities Group, and distributed by Daiwa Securities to Japanese investors. IFFIm’s debut in Japan is the largest South African rand denominated bond seen to date in the uridashi market. The final terms are as follows:

Issuer: International Finance Facility for Immunisation Company
Total Amount:: ZAR 1.7 billion
Coupon: 9.90% per annum (semi-annual payment)
Settlement Date: March 18, 2008
Maturity Date: March 18, 2010
Uridashi Price: 100%
Denomination: ZAR 10,000
Listing: Luxembourg
Lead Manager: Daiwa Securities SMBC Europe Limited

Alan Gillespie, Chairman the IFFIm Board and Chairman, Ulster Bank Group, a member of the Royal Bank of Scotland Group: “Japan is a large source of funding for supranational borrowers and with this transaction IFFIm has now successfully established itself in that market. This success could not have been possible without the hard work of Daiwa and others, and we are very grateful to them and the Japanese public and investors for their investment in immunisation for the poorest countries.”

Arunma Oteh, member of the IFFIm Board and Vice President, Corporate Services, African Development Bank Group: “We are delighted that the South African Rand, the currency of one of IFFIm's donor countries, South Africa, is a popular choice amongst Japanese investors. Because of this, IFFIm's first appearance in the Japanese market also serves to highlight on an international stage that emerging and developing countries are working together as donors to save and improve lives.”

Alice Albright, Chief Financial and Investment Officer, GAVI Alliance: "IFFIm is an innovative way of raising aid money. Since its launch in 2006, it has already made a significant impact on GAVI’s ability to assist countries. The nearly USD1 billion raised so far has allowed GAVI to help countries to immediately protect children from a number of deadly diseases including hepatitis B, Haemophilus influenzae type b (Hib), measles, polio, and yellow fever as well as help strengthen the systems required to deliver these vaccines. We are so pleased with the interest among Japanese investors. The money raised in Japan will help GAVI save millions of additional lives."

Doris Herrera-Pol, Director and Global Head of Capital Markets, the World Bank, IFFIm’s Treasury Manager: “Being part of IFFIm’s debut in the Japanese market is a special opportunity. We thank Daiwa and its clients for enthusiastically supporting this bond as they have supported World Bank bonds for so many years. IFFIm brings together sovereign capital, World Bank expertise and the GAVI immunisation programs to make a difference in millions of lives.”

Sam Amalou, Managing Director and Head of Debt Capital Markets, Daiwa Securities SMBC Europe: ”We are delighted with the opportunity to work together with such prestigious organisations as IFFIm, GAVI and the World Bank to open up the Japanese investor base for IFFIm's fundraising, and to support such a noble and important cause - the future of millions of the world's children. The deal, the largest ever in this market in ZAR, has laid the foundation for similar exercises in the future."

About IFFIm

IFFIm is a multilateral development institution created to accelerate the availability of predictable, long-term funds for health and immunisation programmes through the GAVI Alliance (formerly the Global Alliance for Vaccines and Immunisation) in 70 of the poorest countries around the world. IFFIm was created as a development financing tool to help the international community achieve the Millennium Development Goals. IFFIm’s financial base consists of legally binding grants payments from its sovereign sponsors (France, Italy, Norway, South Africa, Spain, Sweden and the UK), on the basis of which IFFIm issues AAA/Aaa/AAA (Fitch/Moody’s/S&P) -rated bonds in the international capital markets. The World Bank is the Treasury Manager for IFFIm. IFFIm’s inaugural bonds of USD 1 billion were issued on 14 November 2006. IFFIm funds are provided as grants – not loans – through the GAVI Alliance in some 70 of the world’s poorest countries. IFFIm’s anticipated investment of USD 4 billion over 10 years is expected to provide immunisation for an additional half a billion people, and avert as many as 10 million deaths. IFFIm was established as a charity with the Charity Commission for England and Wales and is registered in England and Wales as a company limited by guarantee with number 5857343 and as a charity with number 1115413.

About the GAVI Alliance

The Alliance was founded in 2000 to respond to, and combat, declining immunisation rates in developing countries. The Alliance is a public private partnership that includes a wide range of development partners: developing country and donor governments, WHO, UNICEF, the World Bank, the Bill & Melinda Gates Foundation, the vaccine industry, research and technical agencies, public health institutions, nongovernmental organisations and the GAVI Fund (the resource arm of GAVI). With funds that IFFIm raises in the international capital markets for disbursement to the GAVI Alliance between 2006 and 2015, it is estimated that an additional 500 million people will be vaccinated against preventable diseases, saving 5 million children’s lives and more than 5 million future adults. To achieve this goal, IFFIm would be expected to provide a total of USD 4 billion to the GAVI Alliance.

About the World Bank

The World Bank is a global development cooperative owned by 185 member countries. Its purpose is to help its members achieve equitable and sustainable economic growth in their national economies and to find effective solutions to pressing regional and global problems in economic development and environmental sustainability. The goal is to help overcome poverty and improve standards of living for people worldwide. The International Bank for Reconstruction and Development (IBRD), rated Aaa/AAA (Moody’s/S&P), is the oldest and largest entity in the World Bank Group and provides funding, risk management tools and credit enhancement to sovereigns. To fund this activity, IBRD has been issuing debt securities in the international capital markets for 60 years. The World Bank is also the Treasury Manager for IFFIm. In that capacity, the World Bank, as IFFIm’s agent, manages IFFIm’s finances according to prudent policies and standards. This includes IFFIm’s funding strategy and its implementation in the capital markets, rating agency and investor outreach, hedging transactions and investment management. The World Bank also coordinates with IFFIm’s donors and manages their pledges and payments, as well as IFFIm’s disbursements for immunisation and health programmes through the GAVI Alliance.

Media Contacts

Lisa Onaga, Tokyo, (81) 80 5400 4888
Jeffrey Rowland, Geneva, (41) 22 909 7165

World Bank:
Yoshiyuki Arima, Tokyo, (81-3) 3597-6650
Rachel Winter Jones, Paris, (33) 1 40 69 30 52

Daiwa Securities SMBC Europe:
Caroline Lewis, London, Tel. (44-20) 7597-8101

The securities referred to in this document have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under the securities legislation of any state of the United States, and may not be offered or sold in the United States, other than pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. IFFIm does not presently intend to make a public offer of securities in the United States or to register any securities under the Securities Act. The securities referred to in this document will only be offered or sold outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.