World Bank fund unveils 1st bond issue
THE World Bank fund dedicated to helping the world’s poorest countries on Tuesday announced it has raised US$1.5 billion in its first-ever global bond issue, which enjoyed huge demand from investors.
The International Development Association issued a five-year AAA-rated bond which had nearly five times more demand than the amount initially offered for sale, the World Bank said in a statement.
“Today’s bond issue will allow IDA to tap into the power of capital markets to tackle some of the world’s biggest challenges and help millions lift themselves out of poverty,” World Bank President Jim Yong Kim said in a statement.
Over 40 percent of the bonds went to central banks, while a quarter went to banks and another quarter to pension funds. The funds will be used to finance sustainable development projects.
IDA, which provides very low cost funding to the poorest countries, previously relied on regular government contributions for its work. But in 2016 shareholders agreed to turn to investors to raise funds against its huge US$158 billion in capital.
“While it is a new bond issuer, IDA is an established institution, with an almost 60-year track record as the leading source of development finance and expertise for some of the fastest growing economies in the world,” Kim said.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.