The World Bank allocates 100 billion dollars for the poorest countries

And he announced The World Bank announced early Friday in Seoul during a pledging conference (International Development Association) provides grants and micro-interest loans to around 78 low-income countries.

The International Development Association is a branch of the World Bank dedicated to helping the poorest countries.

The announcement came at the end of the replenishment process, which raised $23.7 billion, a World Bank spokesman told AFP.

This represents a slight increase compared to the amount pledged by donor countries in the last replenishment three years ago, which was $23.5 billion.

The World Bank can use these funds for debt Financial markets This allows it to almost quadruple the amount mobilized, providing around $100 billion in new loans and grants, compared to $93 billion in 2021.

And he said president of the World Bank Ajay Banga said in a statement: “This funding will be used to support the 78 countries most in need.

The International Development Association helps 78 of the world’s poorest countries, especially on the African continent, by giving them grants and loans at low or no interest.

The Foundation has always obtained its resources, especially from contributions from member states. Donors meet every three years to replenish these resources.

The World Bank said the recent replenishment operation was an “unprecedented success” and considered it “a vote of confidence and support from donors and clients.”

The IDA replenishment process is a vital component of World Bank operations. Most of the pledged resources come from the United States, Japan and several European countries, including them UK and Germany And France.

This time, the United States announced that it was allocating a record four billion dollars to the institution, up from $3.5 billion in the previous round.

While other countries, including Norway and Spain, have significantly increased their financial support to the Foundation.

The money is used to finance incentive projects and programs Economic growth It reduces the burden of poverty and improves living conditions in several areas, especially education and health, as well as adaptation to climate change.