By BUUMBA CHIMBULUA US$93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the Covid-19 crisis and build a more resilient future has been announced by the World Bank.The financing package, agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history.It brings together US$23.5 billion of contributions from 48 high- and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.World Bank Group President David Malpass, said the generous commitment by the group’s partners was a critical step toward supporting poor countries in their efforts to recover from the Covid-19 crisis.“We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world,” Mr Malpass said.The funds will be delivered to the world’s 74 poorest countries […]
WB declares US$93bn renewal package for IDA countries
