A few weeks ago, the World Bank launched the Pandemic Emergency Financing Facility” (PEF). It is an exciting example of social financing supporting outcomes at scale. Here’s how it works. It has raised $425m via bonds and swaps. If no pandemic occurs, investors will be repaid their principal in full, plus a return. If a pandemic occurs, then investor principal will be instead used to quickly respond to the crisis. In short, the PEF functions as a kind of insurance that kicks in in the event of a bad outcome.