WASHINGTON: Donor countries have pledged a record US$100 billion three-year replenishment of the World Bank’s fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.
The World Bank made the announcement on Friday (Dec 6) in Seoul at a pledging conference for the International Development Association, which provides grants and very low interest loans to some 78 low-income countries.
The total exceeds the previous US$93 billion IDA replenishment announced in December 2021. Countries will contribute about US$24 billion directly to IDA, but the fund will issue bonds and employ other financial leverage to stretch that to the targeted US$100 billion in grants and loans through mid 2028.
– Newsasia.com
