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