World Bank an­nounces record $75 bil­lion com­mit­ment to end ex­treme poverty

Financial Nigeria Magazine - - Development -

Acoali­tion of more than 60 donor and bor­rower gov­ern­ments agreed last month to ratchet up the fight against ex­treme poverty by pledg­ing a record $75 bil­lion for the In­ter­na­tional De­vel­op­ment As­so­ci­a­tion (IDA), the World Bank’s fund that helps the poor­est coun­tries.

Fol­low­ing the agree­ment, World Bank’s Pres­i­dent Jim Yong Kim said the com­mit­ments made by the donors con­sti­tuted a piv­otal step in the move­ment to achieve the global agenda to end ex­treme poverty by 2030. A to­tal of 75 low-in­come coun­tries are el­i­gi­ble to ben­e­fit from the IDA18 fi­nanc­ing pack­age.

The fund­ing will en­able IDA to dra­mat­i­cally scale up de­vel­op­ment in­ter­ven­tions in spe­cial fo­cus ar­eas over three years – from July 1, 2017 to June 30, 2020. Th­ese ar­eas of spe­cial fo­cus in­clude tack­ling con­flict, fragility and vi­o­lence; cli­mate change; gen­der in­equal­ity; es­sen­tial health and nu­tri­tion ser­vices; gov­er­nance and in­sti­tu­tion build­ing; re­new­able en­ergy; as well as jobs and eco­nomic trans­for­ma­tion.

“The in­no­va­tive fi­nanc­ing pack­age of­fers ex­cep­tional value for money, with ev­ery $1 in part­ner con­tri­bu­tions gen­er­at­ing about $3 in spend­ing au­thor­ity,” said Axel van Trot­sen­burg, World Bank Vice Pres­i­dent for De­vel­op­ment Fi­nance.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.