THE World Bank has issued a USD 100 million five-year bond which both supports the bank's ongoing sustainable development and COVID-19 activities and channels half of the total proceeds, USD 50 million to support similar efforts by the United Nations Children's Fund (UNICEF).

This frontloading of financing to UNICEF will support its pandemic response programs for children around the world over the five-year period.

"This World Bank bond serves as an example of how the private sector can share financial risks to achieve positive development impact," said Mr David Malpass, World Bank Group President.

He added, "We are grateful to our investors for joining this effort and demonstrating 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. The bond also spotlights impact investor support for World Bank Sustainable Development Bonds and the potential for finding new ways to collaborate for impact."

"The COVID-19 pandemic has exacerbated deep inequalities within and across countries worldwide," said Ms Henrietta Fore, UNICEF Executive Director. "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."

Citibank is the registrar and transfer agent for the bond that will have a semi-annual yield of 1.291 per cent from September 4, 2021. The books were opened on February 25 and closed on March 4.