The World Bank’s fund to assist the world’s poorest countries received a $93 billion injection of cash on Wednesday to help scale up funding for pandemic recovery and other projects.
The International Development Association (IDA), located in Washington, said it was the largest ever replenishment for the development lender, which gives grants to 74 nations, the majority of which are in Africa.
According to a release, the package comprises $23.5 billion in contributions from 48 high- and middle-income nations, as well as capital market funding and World Bank commitments.
“Our partners’ substantial commitment today is a key step toward aiding poor nations’ efforts to recover from the Covid-19 issue,” stated World Bank President David Malpass.
The IDA fund is refilled every three years, however because to the epidemic, the most recent funding injection was moved up a year and will last until June 2025.
The funding, according to the World Bank, will benefit countries in better preparing for future crises such as pandemics, financial shocks, and natural disasters.
While the money will benefit countries all across the world, they will disproportionately benefit Africa, which will get roughly 70% of the investment.
