The World Bank abandoned plans to launch a fresh set of pandemic bonds for developing countries after widespread criticism

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• The World Bank has scrapped plans to issue a second set of pandemic bonds for the relief of developing nations suffering from the COVID-19 outbreak, according to the Financial Times.
• When the coronavirus began to spread around the world in April this year, the bank triggered roughly $133 million in aid to developing nations battered by the outbreak.
• But its efforts have been met with criticism on grounds that the amount pales in comparison to what is actually needed to limit contagion.
• The World Bank has previously called these specialized bonds one of its critical tools to facilitate financial lending.
• Visit Business Insider's homepage for more stories.

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The World Bank has dropped plans to issue a second round of pandemic bonds after being criticized for dragging its feet on handing out aid to deprived nations, the Financial Times reported on Monday.

In April when the coronavirus was starting to decimate economies — especially the developing nations — the World Bank said it would pay out about $133 million through "pandemic bonds" to those worst affected.

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