WASHINGTON: The World Bank raised US$500 million to finance rapid response to disease outbreaks, including through sale of its first-ever “pandemic bonds,” the bank announced Wednesday.
Drawing on the slow response to the 2013 Ebola outbreak in Africa in which thousands died, the World Bank designed the Pandemic Emergency Financing Facility (PEF), to channel surge funding to developing countries facing the risk of a pandemic.
“With this new facility, we have taken a momentous step that has the potential to save millions of lives and entire economies from one of the greatest systemic threats we face,” World Bank Group President Jim Yong …read more
Source: Free Malaysia Today
