Financial mechanisms formulated to reduce vulnerability to disasters by employing structured instruments such as insurance policies and catastrophe bonds which spread risks in exchange for a premium.
21 May 2016, WB
The World Bank Group today launched the Pandemic Emergency Financing Facility (PEF), an innovative, fast-disbursing global financing mechanism designed to protect the world against deadly pandemics, which will create the first-ever insurance market for pandemic risk. Japan, which holds the G7 Presidency, committed the first $50 million in funding toward the new initiative.
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