The World Bank (WB) announced that the International Development Association (IDA) has secured a record $93 billion in funding to help the poorest countries to fight the Coronavirus ( known also as COVID-19).
The WB said that the IDA, its arm for helping the poorest countries, obtained this funding to help these countries deal with the repercussions of the COVID-19 pandemic and boost economic growth.
The bank said in a statement that this is the largest "replenishment" ever of the resources of the IDA, which provides financial support to 74 countries, the majority of which are in Africa.
"The generous commitment of our partners today is a critical step to support poor countries in their efforts to recover from the COVID-19 crisis," World Bank President David Malpass said in the statement.
The IDA is financed primarily by contributions from the member countries of the Bank.
Donors meet once every three years to replenish their resources.
It is noteworthy that the International Development Association is part of the "World Bank Group" concerned with helping the poorest countries in the world by providing loans and grants for programs that lead to the promotion of economic growth, the reduction of inequality, and the improvement of living conditions in these countries.
The replenishment of resources announced by the bank on Wednesday will cover the needs of the institution for the period until July 2022.
However, United Nations Secretary-General Antonio Guterres said that the Corona pandemic has pushed more than 100 million people around the world into poverty, and left about 4 billion others without social insurance, health care, or income.
Guterres added in a disquisition before a committee of the International Monetary Fund (IMF) that "global solidarity does not exist in practice, and that those who live in countries afflicted by conflict, as well as poor countries, suffer the most."
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