The World Bank on Saturday said it was launching a $500 million, fast-disbursing insurance fund to combat deadly pandemics in poor countries, creating the world's first insurance market for pandemic risk.
Japan has committed the first $50 million towards the facility, which will combine funding from reinsurance markets with the proceeds of a new type of World Bank-issued high-yield pandemic “catastrophe” bond, the bank said.
In the event of a pandemic outbreak, the facility will release funds quickly to affected poor countries and qualified international first-responder agencies. The genesis of the new facility was the . . .
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