User:FelixundStein/sandbox

The Pandemic Emergency Financing Framework (PEF) is an insurance against pandemics set up by the World Bank in collaboration with the World Health Organization in 2017. The insurance covers developing country governments, multilateral agencies, non-governmental organisations and other responders who intervene in the case of a pandemic outbreak. The insurance is set up as a trust fund, with the IBRD serving as trustee. It is divided into two parts, known as "windows". The smaller "cash window" can contain up to

The larger "insurance window" To obtain finance for the larger window, IBRD buys insurance from the private sector. It does this by issuing catastrophe bonds, that are only paid out when parametric triggers are met.

History
The PEF project was approved by the World Bank's Board of Directors on May 3, 2016.