Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.
The World Bank made the announcement on Friday in Seoul at a pledging conference for the International Development Association (IDA), which provides grants and very low-interest loans to 78 low-income countries.
The total exceeds the previous $93 billion IDA replenishment announced in December 2021.
Countries will contribute $23.7 billion directly to IDA, only marginally increased in dollar terms from the $23.5 billion pledged in 2021, but the fund will issue bonds and employ other financial leverage to stretch that to the targeted $100 billion in grants and loans through mid-2028.
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