World Bank says donors agree $23.5 bln in new funds for poorest countries

(Reuters News, 13 Dec 2019) The funds will help countries deal with the challenges posed by climate change, gender inequality, and conflict and violence.

Fifty-two countries and other donors have pledged $23.5 billion in new funds for the world's poorest states, pushing replenishment of the International Development Association (IDA) fund to a record $82 billion, the World Bank said on Friday.

That fund, which includes more than $53 billion for Africa, will help countries work to create jobs, invest in infrastructure, boost economic growth, and bolster resilience to climate shocks and natural disasters, top bank officials said .

First created in 1960, the fund is replenished every three years. This 19th replenishment covers 2020-2023. The new funding level exceeds the previous level by $7 billion, officials said.

"There's been an agreement on the largest-ever replenishment of IDA, the World Bank's fund for the poor," David Malpass, the bank's president, said, noting that some countries that had previously received money from IDA had increased their donations.

Six new countries had joined the effort, and others could follow suit in coming weeks, he said.

Malpass said this year's IDA replenishment would support people in 74 countries, home to almost 500 million people, or two-thirds of the world's poor. He said the funds would help countries deal with the challenges posed by climate change, gender inequality, and conflict and violence, including in the Sahel, the Lake Chad region, and the Horn of Africa.

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Reuters News, 13 Dec 2019: World Bank says donors agree $23.5 bln in new funds for poorest countries