Fri Dec 06 06:33:25 UTC 2024: ## World Bank Secures Record $100 Billion for Poorest Nations
**Seoul, South Korea** – The World Bank announced today it has raised a near-record $23.7 billion in pledges to replenish its International Development Association (IDA), its concessional lending arm for the world’s poorest countries. This figure, a slight increase from the previous round three years ago, will be leveraged to generate a total of $100 billion in spending power – a record high.
The funding, secured from donor countries including the US, Japan, and several European nations, will support 78 eligible nations. World Bank President Ajay Banga hailed the replenishment as a “vote of confidence” and stated the funds will be invested in crucial areas such as health, education, infrastructure, and climate resilience. The aim is to stabilize economies and create jobs in these developing countries.
The US contributed a record $4 billion, while Norway and Spain also significantly increased their contributions. The IDA’s success is further highlighted by the fact that 35 former recipients, including China, Turkey, and South Korea, have since graduated from IDA assistance and now contribute as donors. The IDA has become the largest single source of concessional climate finance, with approximately two-thirds of its funding over the past decade going to African nations. The replenishment occurs every three years and is a critical component of the World Bank’s operations. The announcement comes following two days of talks in Seoul, South Korea.
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