The World Bank has announced a 93-billion-dollar aid package to help the world’s poorest nations.

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The World Bank stated today that the International Development Association will receive a 93 billion dollar replenishment package to assist low-income countries in responding to the COVID-19 crisis and building a more sustainable, resilient, and inclusive future.

The combines 23.5 billion dollars in donations from 48 high- and middle-income countries, as well as capital market financing, repayments, and World Bank contributions.

According to a statement released by the World Bank Group, the package agreed upon during a two-day meeting virtually hosted by Japan is the largest ever mobilized in IDA’s 61-year history. “Our partners’ generous commitment today is a critical step toward supporting poor countries’ efforts to recover from the COVID-19 crisis,” said World Bank Group President David Malpass. “We appreciate our partners’ faith in IDA as a non-fragmented and effective platform for addressing development challenges and improving the lives of millions of people around the world.”

The funds will be distributed to the world’s 74 poorest countries through the International Development Association’s 20th replenishment (IDA20) program, which focuses on assisting countries in recovering from the COV-ID-19 crisis.

The ongoing pandemic is worsening poverty, stifling growth, and jeopardizing the prospects for a sustainable and inclusive development in these countries. Government revenues are declining, debt vulnerabilities are rising, risks of fragility, conflict, and instability are rising, and literacy rates are falling. A significant portion of these funds will be used to combat climate change, with a particular focus on assisting countries in adapting to the rising impacts of climate change while also preserving biodiversity.

The World Bank’s International Development Association, which was founded in 1960, assists the world’s poorest countries by providing grants and low-interest for projects and programs that promote growth, alleviate poverty, and enhance the lives of poor people.

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