Friday, 21 January, 2022

World Bank unveils $93bn boost to fund for poorest nations

World Bank unveils $93bn boost to fund for poorest nations

WASHINGTON: The World Bank's fund to help the world's poorest nations got a $93 billion injection of cash to help scale up aid for pandemic recovery and other programs, the institution announced on Wednesday, reports AFP.

It was the biggest replenishment ever for the International Development Association (IDA), which provides grants for 74 countries, most of which are in Africa, the Washington-based development lender said.

The package includes $23.5 billion of contributions from 48 high- and middle-income countries as well as financing raised in the capital markets and the World Bank's own contributions, according to a statement.

"Today's generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the Covid-19 crisis," World Bank President David Malpass said.