World Bank raises $52 bn for poor countries

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world-bankWashington, Dec eighteen: The world Bank aforesaid Tuesday that a group of developed and developing countries agreed to contribute $52 billion in funding over the next 3 years to the bank’s fund for the poorest countries.

This figure represents a 5 % increase from the 2010 renewal of the fund, called the International Development Association (IDA), the World Bank’s fund dedicated to the poorest countries, Xinhua reported.

A total of 46 countries pledged to contribute to the IDA, which provides zero-to-low interest loans and grants for investments in health and education, infrastructure and agriculture, and economic and institutional development to the smallest amount developed countries.

“The fact that this generosity came during a really difficult economic period makes this pledge all the more significant,” world bank President Jim Yong Kim told reporters in a teleconference.

Kim said the rising and developing economies contend a large role during this renewal, and therefore the world bank appreciates their participation.

“IDA is a unique partnership of developed and developing countries that share a commitment to invest in a better future for the world’s poor and for the global good,” aforesaid Joachim Von Amsberg, world bank vice president for concessional finance and international partnerships.

The fund is replenished each 3 years. the newest renewal, that runs from July 2014 to June 2017, can span the target date for the Millennium Development Goals and therefore the launch of the post-2015 agenda – a crucial  crossroads within the world effort to finish extreme financial condition, the World Bank noted.

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