The World Bank has raised $23.7 billion through donor contributions to replenish its concessional lending arm, the International Development Association (IDA). This funding, announced Thursday, enables the Bank to leverage the amount to approximately $100 billion in total spending power, marking a record increase from $93 billion in the previous cycle.
The replenishment will support 78 of the world’s poorest nations, with a focus on health, education, infrastructure, and climate resilience initiatives. “This historic success is a vote of confidence from donors and clients,” said World Bank President Ajay Banga, emphasizing its role in stabilizing economies and creating jobs.
The IDA, the largest source of concessional climate finance, has directed two-thirds of its funding to African nations over the past decade. Key contributors include the United States, Japan, and European countries like the UK, Germany, and France.
Notably, 35 former IDA recipients, including China and South Korea, have transitioned to donor roles, highlighting the fund’s impact on global economic development.
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