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Britain pledges to provide $2.5 billion to a World Bank fund to help poor countries, today, Friday, November 29, 2024 03:55 am
Britain pledged Thursday to invest 1.98 billion pounds ($2.5 billion) over three years in the World Bank’s International Development Association fund to support the lowest-income countries.
The government said in a statement that the investment will finance projects to promote economic growth, deal with poverty, and address the repercussions of climate change.
IDA, which primarily provides grants and very low-interest loans to the poorest countries, is renewed every three years. A pledging conference is scheduled to be held on December 5-6 in Seoul.
World Bank President Ajay Banga is looking forward to raising a record amount exceeding the ninety-three billion dollars that were collected in December 2021, amid increasing demands from poor countries that are suffering amid burdening debts, climate disasters, conflicts, and other pressures.
US President Joe Biden pledged to make a contribution of four billion dollars to the foundation’s fund last week.
Reuters
