The Praxis Intermediate Income Fund has purchased $2 million in International Finance Facility for Immunisation (IFFIm) bonds, funding a program which will help save millions of children from preventable diseases.
Launched in 2006, IFFIm uses pledges from donor governments to sell these so-called vaccine bonds in capital markets. The vaccine bonds provide investors the opportunity to fund immunization programs through the GAVI Alliance, a public-private partnership created to increase access to life-saving vaccines in the world’s poorest countries. Government pledges are made over a period of years, so the sale of IFFIm bonds assists in rapidly accelerating the availability of funds for immunization programs, resulting in millions of children receiving vaccines years earlier than would otherwise be financially possible. The bonds are backed by legally binding donation commitments from the governments to the GAVI Alliance.
“For us, this is the perfect high social impact investment,” said Benjamin Bailey, Co-Manager of the Praxis Intermediate Income Fund. “We’re helping immunize millions of children through an investment that fits comfortably in our mutual fund portfolio. What could be better than that?”
High social impact investments now make up 10 percent of the Praxis Intermediate Income Fund. Beyond vaccines, market rate investments include bonds in solar and wind installations, medical research and community infrastructure. Community development investments, which carry below-market returns, are also part of this 10 percent and benefit disadvantaged communities in the U.S. and around the world.
About Praxis Mutual Funds and Everence
Praxis Mutual Funds, advised by Everence Capital Management, is a leading faith-based, socially responsible family of mutual funds designed to help people and groups integrate their finances with faith values. To learn more, visit www.praxismutualfunds.com.
Everence helps individuals, organizations and congregations integrate finances with faith through a national team of advisors and representatives. Everence offers banking, insurance and financial services with community benefits and stewardship education.