The UK government has committed to investing £1.98 billion ($2.5 billion) over the next three years into the International Development Association (IDA), the World Bank’s fund for the world’s poorest countries.
This substantial investment, announced in a government statement, will be used to fund projects aimed at promoting economic growth, tackling poverty, and addressing the urgent challenges of climate change.
The IDA, which primarily provides grants and concessional loans to the world’s most impoverished nations, renews its resources every three years.
The upcoming replenishment conference will take place in Seoul on December 5-6, where global leaders will gather to make further pledges.
World Bank President Ajay Banga aims to raise a record-breaking amount, surpassing the $93 billion raised during the IDA's last replenishment in December 2021.
This comes at a time when poor nations are grappling with rising debt, climate-related disasters, ongoing conflicts, and other mounting pressures.
US President Joe Biden also pledged a contribution of $4 billion to the fund last week, reflecting a broader commitment from wealthier nations to support global development.
Follow the latest news on Google News
