The World Bank has announced it has raised close to $24 billion to provide loans and grants to some of the world's poorest nations, leveraging the funds to generate a record $100 billion in total spending power.
WASHINGTON, D.C. — The World Bank announced Thursday that it had 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.Donor countries committed $23.7 billion to replenish the bank's concessional lending arm, known as the International Development Association , a World Bank spokesperson told AFP, marking a slight increase from the roughly $23.
It would, he added, help provide 'resources to invest in health, education, infrastructure, and climate resilience,' as well as helping to stabilize economies and create jobs.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.
World Bank IDA21 Poor Nations Loans Grants $100 Billion Aid
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