Brown launches £2.1bn immunisation bond
Gordon Brown has launched a new scheme aimed at immunising 500 million children in third-world countries over the next decade.
However, there is concern over how the chancellor’s £2.1 billion programme – which will save an estimated 10 million lives – will be funded.
Rather than simply funding the programme directly, the new scheme is using a bond – where the government is effectively borrowing money to fund vaccinations now that will be paid back with interest later.
“There is no better case for advancing money than vaccination,” Mr Brown said.
“We want to spend the money now. If you can vaccinate 100 per cent of children, then we avoid the risk of disease and contagion,” he told Today.
The move received support from the Conservatives, with shadow international development secretary Andrew Mitchell commenting: “Vaccinating children against preventable diseases is a good use of aid money.
“And I support the principle of frontloading aid to immunise children, because the money will do more good if spent sooner rather than later.”
But he said there needed to be close attention on where the money ends up to ensure it achieves “as much as it possibly can”.
“We must keep a very close eye on exactly how these funds are spent, and how effective they are,” he warned.
The immunisation programme targets tuberculosis, diphtheria, tetanus, polio, measles, hepatitis and other preventable diseases.
The programme is currently backed by Britain, France, Italy, Spain, Sweden and Norway. The chancellor said he hoped other countries including the US, Brazil, China and South Africa would join the scheme soon.
A representative of the Pope will buy the first immunisation bond, with other bonds set to be bought by representative of Jewish, Muslim, Hindu, and Sikh groups.
