File Photo: World Bank Group (Photo: Reuters)
A global coalition of development partners has announced their commitment to fight against extreme poverty, with $82 billion for the International Development Association (IDA), the World Bank’s fund for the poorest.
The financing, which includes more than $53 billion for Africa, will help countries invest in the needs of their people, boost economic growth, and bolster resilience to climate shocks and natural disasters, according to a statement released by WB.
"This commitment by our partners is a strong sign of their support for the urgent mission to end extreme poverty and promote shared prosperity in the poorest and most vulnerable countries. We are grateful for their continued trust in IDA and its ability to deliver good development outcomes for people most in need” WB President David Malpass said.
Two thirds of the world’s poor—almost 500 million people—now live in countries supported by IDA.
The funding will allow IDA to reinforce its support to job creation and economic transformation, good governance, and accountable institutions.
It will also help countries deal with the challenges posed by climate change, gender inequality, and situations of fragility, conflict, and violence, including in the Sahel, the Lake Chad region, and the Horn of Africa, according to WB data.