Fifty-two countries and other donors have pledged $23.5 billion in new funds for the world’s poorest states, pushing replenishment of the International Development Association (IDA) fund to a record $82 billion, the World Bank said on Friday.
The financing, which includes more than $53 billion for Africa, will help countries work to create jobs, invest in infrastructure, boost economic growth, and bolster resilience to climate shocks and natural disasters, top bank officials said.
The fund, first created in 1960, is replenished every three years. This 19th replenishment covers 2020-2023. The new funding level exceeds the previous level by $7 billion, officials said.
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