World Bank approves $93 Billion Package to boost economy of 74 poorest countries
Kathmandu, December 17. The World Bank on Thursday announced that the International Development Association (IDA) would receive a 93 billion dollar replenishment package to help low-income countries deal with the COVID-19 crisis and create a greener, more resilient, and equitable future.
The funding 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.
President of the World Bank Group, David Malpass said in the official statement, “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.”
The statements confirm that the funds would be distributed to the world’s 74 poorest nations as part of the 20th replenishment (IDA20) program, which helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.
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