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17.12.2007 Business & Finance

Record funding for world’s poorest countries Almost US$ 42 Billion for next three years

By Accra Mail

Donor countries last week pledged a record US$ 25.1 billion for the World Bank to help overcome poverty in the world's poorest countries. In total, the IDA15 replenishment will provide US$ 41.6 billion, an increase of US$ 9.5 billion over the previous replenishment (IDA14) which provided US$ 32.1 billion.

“This is the largest expansion in donor funding in IDA's history,” World Bank Group President Robert B. Zoellick said of the 15th replenishment of the International Development Associ ation (IDA15). “The donor community has demonstrated its full commitment to helping countries overcome poverty and achieve sustainable growth, especially in Africa.”

The record donor pledges for IDA15 represent a 42 percent increase from the previous replenishment. This is complemented by US$ 16.5 billion in internal financing from the World Bank Group and prior donor pledges for financing debt forgiveness.

Source: World Bank