Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's Fund for the Poorest Countries, providing a vital lifeline to their struggles against overwhelming debt, climate disasters, inflation, and conflict.
The World Bank made the announcement at the International Development Association pledging conference in Seoul, South Korea, which provides grants and ultra-low-interest loans to some 78 low-income countries. The total exceeds the IDA replenishment of an estimated $93 billion, which was announced three years ago. Countries will contribute about $24 billion directly to IDA, only slightly more than the $23.5 billion pledged in 2021. However, the fund will issue bonds and use other financial leverage to extend that to the targeted $100 billion in grants and loans through mid-2028.
Source (Al-Arab Newspaper of London, Edited)
