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PRESS RELEASEDecember 15, 2022

Western Asset Management Company Invests in World Bank Sustainable Development Bond to Raise Awareness for the Importance of Education in Reducing Poverty and Inequality

WASHINGTON, December 14, 2022 – Today, the World Bank (International Bank for Reconstruction and Development, IBRD, AAA/Aaa) issued an UYU 850 million (USDeq. 22 million) 3-year Sustainable Development Bond due December 2025. This transaction is part of the World Bank’s effort to issue Sustainable Development Bonds while engaging with investors to highlight the importance of education in reducing poverty and improving health, gender equality, peace, and stability. Western Asset Management Company was the sole investor in the transaction on behalf of client assets. BofA Securities was the underwriter of the transaction.

The World Bank is the largest source of external financing for education in developing countries. World Bank support to countries covers the entire learning cycle to support resilient, equitable, and inclusive education systems that ensure learning happens for everyone. This includes a goal to halve Learning Poverty, the share of 10-year-old children around the world who cannot read and understand a simple text by 2030, by helping countries build foundational skills including literacy, numeracy, and socio-emotional skills – the building blocks for all other learning. In fiscal years 2021-2022, IBRD committed US$3 billion to support the financing of education programs, technical assistance, and other projects.

Heike Reichelt, Head of Investor Relations and Sustainable Finance, World Bank Treasury, said “Learning Poverty affects more than two-thirds of children today. Addressing this crisis is central to the World Bank’s work with member countries to improve foundational learning for all children. We appreciate the opportunity to engage with investors to highlight the importance of education for development, and how the World Bank is supporting member countries.”

Kevin Zhang, Research Analyst, Western Asset, said, “We are excited to collaborate with the World Bank on this opportunity. The income profile and return potential of the Uruguayan peso-denominated issuance is attractive. Additionally, the World Bank’s Sustainable Bond Program provides investors with a unique opportunity to finance work that seeks to make progress toward the UN Sustainable Development Goals. The Bank’s work in support of quality education and reducing inequalities can contribute to sustainable growth and poverty reduction across its member countries, while at the same time enabling specific clients to meet their investment objectives.”

The World Bank issues Sustainable Development Bonds in the international capital markets to support the financing of sustainable development activities designed to achieve positive social and environmental impacts in developing countries, while raising awareness of specific development themes across a range of sectors. The transaction is highlighting SDG 4, Quality Education. This bond was issued under the World Bank’s Sustainable Development Bond Framework.

About the World Bank

The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization. Created in 1944, it is the original member of the World Bank Group and operates as a global development cooperative owned by 189 nations. The World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and other creditworthy countries to support the Sustainable Development Goals and to end extreme poverty and promote shared prosperity. It also provides leadership to coordinate regional and global responses to development challenges. The World Bank has been issuing sustainable development bonds in the international capital markets for over 70 years to fund programs and activities that achieve a positive impact. More information on World Bank bonds is available at

World Bank bonds support the financing of programs that further the Sustainable Development Goals (SDGs). World Bank bonds are aligned with the Sustainability Bond Guidelines published by the International Capital Market Association and as such support the financing of a combination of green and social, i.e., “sustainable development” projects, programs and activities in IBRD member countries as described in the World Bank Sustainable Development Bond Framework. The World Bank is also a member of the Executive Committee of the Green Bond, Social Bond, and Sustainability Bond Principles. A key priority for the World Bank’s capital markets’ engagement is building strategic partnerships with investors to promote the importance of private sector financing in sustainable development. The World Bank’s Sustainable Development Bond Impact Report describes how the World Bank engages with investors on the SDGs and raises awareness for specific development challenges.


Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs, and returns on the bonds described herein are not linked to the performance of any particular project or program.

This press release is not an offer for sale of securities of the International Bank for Reconstruction and Development ("IBRD"), also known in the capital markets as "World Bank". Any offering of World Bank securities will take place solely on the basis of the relevant offering documentation including, but not limited to, the prospectus, term sheet and/or final terms, as applicable, prepared by the World Bank or on behalf of the World Bank, and is subject to restrictions under the laws of several countries. World Bank securities may not be offered or sold except in compliance with all such laws. The World Bank Sustainable Development Bond Framework, the World Bank’s Sustainable Development Bond Impact Report, and the information set forth therein are not a part of, or incorporated by reference into, the offering documentation.

Investor Relations and Sustainable Finance | World Bank Treasury |


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