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World Bank Launches $500M Pandemic Emergency Facility To Aid Nations Facing Serious Disease Outbreaks

Agence France-Presse: After Ebola, World Bank creates pandemic insurance plan
“The World Bank announced Saturday a new program to mobilize funds quickly against virulent disease outbreaks after the world was caught unprepared in the 2014 Ebola disaster in West Africa. World Bank President Jim Yong Kim said the new Pandemic Emergency Financing Facility (PEF) will accelerate global and national responses to disease outbreaks that threaten large populations and fragile economies…” (5/21).

Devex: Inside the World Bank’s Pandemic Emergency Facility
“…Questions linger about how effective the new mechanism will be, how much money it can leverage, and whether it can stand the test of time against pandemics that are growing more frequent and more costly…” (Tyson, 5/23).

Financial Times: World Bank launches pandemic risk insurance market
“…A new Pandemic Emergency Financing Facility was the main outcome of a quiet Group of Seven finance ministers summit in Sendai, Japan, with the hosts pledging an initial $50m over three years to fund the system…” (Harding, 5/21).

International Business Times: World Bank Announces Creation Of $500 Million Pandemic Insurance Plan To Combat Disease Outbreaks
“…The PEF will be a combination of catastrophe insurance and bonds, marking the first time ‘Cat-bonds’ will be used to combat infectious diseases. In the event of an outbreak, the facility — designed in collaboration with the World Health Organization and the private sector — will release funds quickly to the affected countries and qualified first responder agencies…” (Pandey, 5/21).

Reuters: World Bank launches $500 million insurance fund to fight pandemics
“…But the insurance mechanism is limited to certain classes of infectious diseases most likely to cause major outbreaks, including several types of influenza, respiratory diseases such as SARS and MERS, and other deadly viruses including Ebola and Marburg. Kim said the types of qualifying diseases had to be limited in order to secure the insurance policy, for which the World Bank will pay premiums…” (Lawder, 5/20).