The World Bank's fund to help the world's poorest nations got a $93 billion injection of cash to help scale up aid for pandemic recovery and other programs, the institution announced Wednesday.<br />'' <br />'' It was the biggest replenishment ever for the International Development Association (IDA), which provides grants for 74 countries, most of which are in Africa, the Washington-based development lender said.<br />'' <br />'' The package includes $23.5 billion of contributions from 48 high- and middle-income countries as well as financing raised in the capital markets and the World Bank's own contributions, according to a statement.<br />'' <br />'' Today's generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the Covid-19 crisis, World Bank President David Malpass said.<br />'' <br />'' The IDA fund is replenished every three years, but because of the pandemic, the latest cash injection was pulled forward by a year and will be in place through June 2025.<br />'' <br />'' The World Bank said the funds will help countries better prepare for future crises, including pandemics, financial shocks, and natural disasters.<br />'' <br />''<br />''While the funds will support countries globally, resources are increasingly going to Africa, which will receive about 70 percent of the funding.<br />
News On AIR | December 16, 2021 8:24 PM
World Bank unveils 93 billion support aid for poorest nation to recover from Covid-19 crisis