World Bank allocates 93,000 million dollars to poor countries

The World Bank created 93 billion dollars fund to help the poorest countries recover from the crisis caused by the pandemic and to finance other programs. The president of the organization, David Malpass, considers that the “generous commitment” by the partners is essential to “support poor countries in their efforts to recover from the Covid-19 crisis.”

The bank, which is based in Washington, reported that this is one of the largest contributions that the International Development Association (IDA) has made to 74 countries, most of which are African.

The statement specifies that the resources include 23,500 million dollars in contributions from the 48 countries considered high and middle income, in addition to financing obtained in capital markets and contributions from the World Bank itself.

The funds are intended to help countries better train themselves to cope with difficulties such as pandemics, financial crises and natural disasters. Although the resources are for the different countries of the world, Africa is the continent that benefits the most because it receives 70 % of the fund’s resources.

IDA fund resources are reset every three years, but as a result of the pandemic, the last cash injection was brought forward one year and will run until June 2025.

M. Rodríguez

Source: elnacional.com