World Bank eyes up to $500 mln via immunisation sukuk -official
KUALA LUMPUR, Sep 3, 2014
(Reuters) – The World Bank plans to raise as much as $500 million worth of Islamic bonds, or sukuk, this year to help fund an immunisation programme, one of several initiatives from the multilateral body in the Islamic finance sector.
The World Bank, acting as treasurer of the International Finance Facility for Immunisation (IFFIm), would help issue the sukuk, said Michael Bennett, head of derivatives and structured finance at the World Bank’s treasury department.
IFFIm has previously raised money from retail investors in markets such as Australia and Japan through so-called “kangaroo” and “uridahsi” bonds. It could soon add sukuk to the lexicon of vaccine financing.
“Right now we’re thinking $300 million to $500 million, we are still talking to the market on what the right size should be,” said Bennett on the sidelines of an industry conference…