Record $100 Billion Boost for World's Poorest Nations

Donor countries have committed to a record $100 billion replenishment of the World Bank's fund for impoverished nations, providing a significant boost for addressing debts, climate issues, and conflicts. This announcement, made at a Seoul conference, underscores efforts to leverage financial resources for impactful socio-economic advancements.

In an unprecedented move, donor nations have pledged a staggering $100 billion to the World Bank's International Development Association (IDA), marking a historic infusion aimed at assisting the world's poorest countries. This commitment, revealed at a conference in Seoul, will address critical challenges such as crippling debts, climate change, inflation, and conflicts.

Despite falling short of the $120 billion target desired by African heads of state, this replenishment still surpasses the previous record of $93 billion set in December 2021. Through a combination of direct contributions, bonds, and financial leverage, the IDA aims to reach its $100 billion goal by mid-2028.

Significant pledges include a 50% increase from Norway and considerable contributions from South Korea, Britain, and Spain. The U.S. has committed $4 billion, reflecting robust international support. World Bank President Ajay Banga stated that the leveraged contributions will transform these pledges into life-changing investments, emphasizing job creation and infrastructure development.

(With inputs from agencies.)