Washington, United States—The World Bank announced Thursday that it has raised close to $24 billion to provide loans and grants for some of the
Washington, United States—The World Bank announced Thursday that it has raised close to $24 billion to provide loans and grants for some of the world’s poorest nations, which it can leverage to generate a record $100 billion in total spending power.
“We believe the historic success of this IDA21 replenishment is a vote of confidence and support from donors and clients,” the World Bank statement read, referring to the current IDA funding round. The World Bank’s announcement follows two days of talks in the South Korean capital, Seoul, a city still reeling after President Yoon Suk Yeol declared martial law late on Tuesday local time, before backtracking under pressure from lawmakers.
It is the single largest source of concessional, or below-market, finance for these countries, with around three-quarters of all IDA funding going to support countries in Africa, the World Bank said in a statement announcing the decision.
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