World Bank announces record $100bn support for world’s poorest countries
Al Jazeera
International development organisation says sum will be deployed to support 78 countries that ‘need it most’.
The World Bank has announced that it has raised close to $24bn to provide loans and grants for some of the world’s poorest nations, which it can leverage to generate a record $100bn in total spending power.
Donor countries committed $23.7bn to replenish the bank’s concessional lending arm, known as the International Development Association (IDA), a World Bank spokesperson told the AFP news agency, marking a slight increase from the roughly $23.5bn pledged during the last fundraising round three years ago.
The bank can use this money to borrow on financial markets, allowing it to leverage the amount raised by around four times, unlocking about $100bn in new loans and grants, up from $93bn in 2021.
“We believe the historic success of this IDA21 replenishment is a vote of confidence and support from donors and clients,” a World Bank statement read, referring to the current IDA funding round.
“This funding will be deployed to support the 78 countries that need it most,” World Bank President Ajay Banga said in a separate statement, referring to the developing countries that are eligible for IDA support.
