The World Bank has raised close to $24 billion to provide loans and grants for some of the world’s poorest nations, which can be leveraged to generate a record $100 billion in total spending power.
Here are the key highlights of the announcement:
- Donor Contributions: $23.7 billion committed by donor countries to replenish the World Bank’s International Development Association (IDA)
- Funding Allocation: $100 billion in new loans and grants to support 78 countries in need
- Key Areas of Focus: Health, education, infrastructure, and climate resilience
- IDA Replenishment: A crucial part of the World Bank’s operations, happening once every three years, with funding from the US, Japan, and European countries.
Source: Vanguard
