The World Bank said Tuesday that a group of developed and developing countries agreed to contribute $52 billion in financing over the next three years to the bank's fund for the poorest countries.
This figure represents a 5 percent increase from the 2010 replenishment of the fund, known as the International Development Association (IDA), the World Bank's fund dedicated to the poorest countries, Xinhua reported.
A total of 46 countries pledged to contribute to the IDA, which provides zero-to-low interest loans and grants for investments in health and education, infrastructure and agriculture, and economic and institutional development to the least developed countries. "The fact that this generosity came during a very difficult economic period makes this pledge all the more significant," World Bank President Jim Yong Kim told reporters in a teleconference.
Kim said the emerging and developing economies played a large role in this replenishment, and the World Bank appreciates their participation. "IDA is a unique partnership of developed and developing countries that share a commitment to invest in a better future for the world's poor and for the global good," said Joachim Von Amsberg, World Bank Vice President for concessional finance and global partnerships.
The fund is replenished every three years. The latest replenishment, which runs from July 2014 to June 2017, will span the target date for the Millennium Development Goals and the launch of the post-2015 agenda - a pivotal crossroads in the global effort to end extreme poverty, the World Bank noted.