IFFIm bonds launched to raise $4B
The first bond under the International Finance Facility for Immunization (IFFIm) program, which aims to raise $4.0 billion over 10 years to develop vaccines in developing countries, was bought by Pope Benedict XVI. The funds are administered by the World Bank, with investment banks Goldman Sachs and Deutsche Bank marketing the bonds. The IFFIm is supported by eight countries, of which only Brazil and South Africa are outside Europe. The bonds cost about $1,277 each.
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