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PRESS RELEASEFebruary 7, 2023

World Bank Issues Sustainable Development Bond While Highlighting Importance of Sustainable Cities in Eliminating Poverty and Boosting Shared Prosperity

WASHINGTON, D.C., February 7, 2023 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) issued a 3-year Chinese yuan denominated Sustainable Development Bond raising CNH 340 million (approximately US$50 million equivalent) due February 2026 while engaging with investors to raise awareness for the importance of sustainable cities. The challenges facing cities are outlined by Sustainable Development Goal (SDG) 11. The bond was placed with Gavekal Capital Limited. HSBC Bank plc acted as the sole lead manager for the transaction.

Building inclusive, resilient, competitive, and sustainable cities and communities is essential for achieving the Sustainable Development Goals by 2030, and the World Bank Group’s goals of eliminating extreme poverty and boosting shared prosperity at the local, regional, and national levels.  With cities set to welcome an additional 2.5 billion inhabitants by 2050, the scale and speed of such an urbanization process and the important financing gaps that exist today call for the scaling up of investment in cities, especially when factoring in the impact of climate change in terms of the increased frequency and severity of disasters. Through a combination of tailored financing and policy support the World Bank is helping member governments build livable, inclusive, resilient, climate smart, and competitive cities.

Heike Reichelt, Head of Investor Relations and Sustainable Finance, World Bank, said, “Cities are home to so many of the world’s poor and vulnerable who are increasingly faced with the effects of climate change and other shocks. The World Bank works with its member countries to design cities that are more resilient, equitable, and sustainable. We are pleased to see continued investor interest in SDG 11 and thank Gavekal for supporting the World Bank’s activities through their investment in World Bank Sustainable Development Bonds.”

Christine Cheung, Head of Asian Fixed Income, Gavekal Capital Limited, said, “The World Bank has always been one of the market leaders in the sustainability space. As such, Gavekal Capital is pleased to support the World Bank’s CNH-denominated Sustainable Development Bond highlighting sustainable cities. Since being designated as Article 8 under the EU’s SFDR, Gavekal Capital has increased its effort to promote the Sustainable Development Goals from the United Nations. We believe causes toward sustainable cities can provide significant impact, considering half of humanity lives in cities. We look forward to working with the World Bank and other high-quality issuers to launch more sustainable bonds in the future.”

The World Bank issues 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 and SGDs across a range of sectors. This transaction aims to raise awareness for the World Bank’s work to build green, resilient, and inclusive cities and communities and SDG 11.

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.

World Bank Treasury
Investor Relations and Sustainable Finance




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