WB re­ceives $49b to help poor coun­tries on mil­len­nium goals

The Pak Banker - - Front Page -

KAM­PALA: The World Bank has re­ceived a to­tal pledge of $49.3 bil­lion from donors to fund devel­op­ment av­enues di­rected to­wards achiev­ing the Mil­len­nium Devel­op­ment Goals. The pledge to low de­vel­op­ing coun­tries tar­gets to en­hance a speedy achieve­ment of MDGs by 2015.

The fi­nal fund­ing agree­ment was signed in Brus­sels last week where donors and the World Bank agreed that loan fa­cil­i­ties to LDCs will be chan­neled through the World Bank's soft win­dow which pro­vides credit lines and min­i­mal grants to 79 coun­tries of the world's poor­est. Ac­cord­ing to the agree­ment, over the next three years, the In­ter­na­tional Devel­op­ment Agency, the World Bank lend­ing arm, will help 79 of the world's poor­est in over­com­ing poverty by fi­nanc­ing in­fra­struc­ture devel­op­ment, im­prov­ing health ser­vices, ed­u­cat­ing chil­dren, and com­bat­ing cli­mate change. Spe­cific fo­cus will also ad­dress gen­der is­sues and help­ing coun­tries with frag­ile po­lit­i­cal en­vi­ron­ments and those af­fected by con­flict. The World Bank and donors stressed that just like the past, Sub-Sa­ha­ran Africa re­mains a ma­jor fo­cus of IDA's sup­port. Out of 79 worlds' poor­est coun­tries that the World Bank sup­ports through IDA through re­sources mo­bi­lized from donors and within the World Bank, 39 of them are in Africa in­clud­ing Uganda. About 20 per cent of IDA's fund­ing is pro­vided as grants, the rest is in the form of in­ter­est-free, longterm credit. Nearly all IDA's credit lines have no in­ter­est charges and re­pay­ments are stretched over 35 to 40 years, in­clud­ing a 10-year grace pe­riod. "The pledges show sup­port from an ex­tra­or­di­nary global coali­tion of donors and bor­row­ers which have come to­gether to en­sure that even in these dif­fi­cult eco­nomic times we of­fer hope and op­por­tu­nity to the world's poor," said WB Group Pres­i­dent Mr Robert B. Zoel­lick. -PB News

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