Islamabad, Dec 6: The World Bank has successfully raised nearly $24 billion to provide loans and grants for the world’s poorest nations, leveraging this amount to generate a record $100 billion in total spending power. This funding was committed by donor countries to replenish the International Development Association (IDA), the Bank’s concessional lending arm, marking a slight increase from the previous round three years ago.
- Key Highlights:
- Total Raised: $23.7 billion in commitments from donor countries.
- Leverage: The Bank can borrow on financial markets, unlocking around $100 billion in new loans and grants.
- Use of Funds: This money will support 78 developing countries, focusing on health, education, infrastructure, climate resilience, and economic stabilization.
- Impact on Africa: Two-thirds of the IDA funding over the past decade has gone to support African countries.
- Major Donors: The United States, Japan, and several European countries, with the U.S. committing a record $4 billion.
World Bank President Ajay Banga emphasized that this funding would help create jobs, stabilize economies, and support essential services in the world’s most vulnerable nations.
