World Bank Announces Historic $100 Billion Support for Poorest Countries

The World Bank announced on Friday, December 6, a groundbreaking initiative to support the world’s poorest nations, raising nearly $24 billion to generate a total of $100 billion in loans and grants, Al Jazeera reported yesterday.

This funding will benefit 78 countries, primarily through the International Development Association (IDA), which received $23.7 billion from donor nations, a slight increase from the previous fundraising round.

World Bank President Ajay Banga emphasized that this funding aims to enhance investments in health, education, infrastructure, and climate resilience while stabilizing economies and creating jobs. The IDA has become a key source of concessional climate finance, with two-thirds of its funding over the past decade directed to African countries. The replenishment, crucial for the bank’s operations, occurs every three years, with significant contributions from the U.S., Japan, and European nations. The U.S. has pledged a record $4 billion for this round, alongside increased support from other countries.