MANILA, Philippines — The World Bank has raised $100 million from the issuance of five-year bonds to expand its support amid the pandemic.
Through lending arm International Bank for Reconstruction and Development (IBRD), the World Bank issued the bonds to provide funding for children around the world in the next five years.
The five-year bond has a coupon rate of 1.291 percent semi-annually and has a maturity date of March 4, 2026.
“This World Bank bond serves as an example of how the private sector can share financial risks to achieve positive development impact,” World Bank Group president David Malpass said.
“It demonstrated how investors can participate in the global response to COVID-19, through this unique opportunity to scale up resources available to UNICEF to expand its programs,” he said.
Working in over 190 countries and territories, UNICEF has been saving children’s lives, defending their rights, and doing social work in the most vulnerable of areas.
In fact, UNICEF is leading the procurement and delivery of COVID-19 vaccines through COVAX facility to countries, including the Philippines, which recently received more than 480,000 doses of AstraZeneca vaccines.
In the Philippines, apart from supporting COVID-19 vaccine introduction and roll out, UNICEF continues to support the immunization programs of the government through planning, cold chain and vaccine management, technical know-how and training.
“The COVID-19 pandemic has exacerbated deep inequalities within and across countries worldwide,” UNICEF executive director Henrietta Fore said.
“Keeping children at the heart of recovery efforts and focusing on innovative partnerships will enable us to reimagine children’s futures and secure more equitable societies,” she said.