The World Bank has announced a $100 billion loan package for poor countries. A World Bank spokesman told AFP on Thursday (December 5).
The World Bank spokesman told AFP that $100 billion in grants and loans will be provided to poor and vulnerable countries. The institution has already raised about $24 billion in loans and grants.
He said donor countries have pledged to repay the bank’s concessional loans to $23.7 billion, a slight increase from the $23.5 billion it had pledged over the past three years. It is known as the International Development Association (IDA).
The report said the loan was $93 billion in 2021. This time it has been slightly increased to $100 billion.
IDA mainly provides grant assistance to the world’s 78 poorest countries. This sector includes economic losses due to the impact of Covid-19 to climate change.
IDA is one of the World Bank’s most important activities. The project is heavily financed by several European countries, including the United States, Japan, the United Kingdom, Germany and several others. The United States has announced $4 billion in funding for the sector this year, while countries including Norway and Spain have also significantly increased their funding.
