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PRESS RELEASEFebruary 24, 2023

World Bank Issues USD 50 Million 15-Year Callable Sustainable Development Bond

Washington, D.C., February 24, 2023 – The World Bank (International Bank for Reconstruction and Development, IBRD, AAA/Aaa) today issued a USD 50 million 15-year callable Sustainable Development Bond due February 2038. The City of Chicago was the sole investor in the transaction. CIBC World Markets, Inc. acted as lead manager and Loop Capital was the distributor of the bond.

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 – from health, nutrition, and quality education to sustainable agriculture and climate action.

Jorge Familiar, Vice President and Treasurer, World Bank, said “Our focus is on sustainable, resilient, and inclusive development serving the most vulnerable populations. Investors play a key role in channeling finance where it can have lasting, positive impact. We thank the City of Chicago for its investment and support of the World Bank’s mission to end poverty and promote prosperity in our member countries.”

Melissa Conyears-Ervin, Treasurer, City of Chicago, said “I invested in the World Bank because not only does it provide a solid financial return, but it also promotes sustainable and inclusive economic growth in developing countries. By investing in the World Bank, we can make a positive impact on the global community while ensuring the financial security of our own city.”

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.

About the City Treasurer’s Office

The City Treasurer’s Office is the custodian and manager of all cash and investments for the City of Chicago, the four City employee pension funds. Since her election in 2019, City Treasurer Melissa Conyears-Ervin has brought the public and private sectors together to provide comprehensive financial education and awareness programs that sharpen money management skills and impart the financial knowledge that puts people on the path to building wealth and a more economically stable future. She works to restore the public’s trust in government that works for the people and applies an equity lens to all of the office’s programs and outreach. For additional information


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 and the information set forth therein are not a part of, or incorporated by reference into, the offering documentation.

This press release contains or references links to websites operated by third parties ("Third Party Websites"). These links are provided for information purposes only. Third Party Websites are not under control of IBRD. IBRD is not responsible for the content of, or links contained in, any Third Party Website, and the inclusion of such links does not imply IBRD endorses, recommends, or accepts any responsibility for the content of such Third Party Website.


The World Bank Treasury
Investor Relations and Sustainable Finance


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