A CMC report from OGYAKARTA Indonesia, indicates that The World Bank said a coalition of more than 60 donor and borrower governments, has agreed to ratchet up the fight against extreme poverty in the Caribbean and other places, with a record US$75 billion Dollar commitment for the International Development Association (IDA) – the World Bank’s fund for the poorest countries.
“This is a pivotal step in the movement to end extreme poverty,” World Bank Group President Jim Yong Kim said. “The commitments made by our partners, combined with IDA’s innovations to crowd in the private sector, and raise funds from capital markets, will transform the development trajectory of the world’s poorest countries. We are grateful for our partners’ trust in IDA’s ability to deliver results.”
The Washington-based financial institution said the funding will enable IDA to dramatically scale up development interventions to tackle conflict, fragility and violence, forced displacement, climate change, and gender inequality; and promote governance and institution building.
The funding will also address jobs and economic transformation—areas of special focus over the next three years. The bank said these efforts are underpinned by “an overarching commitment to invest in growth, resilience and opportunity.”
“With this innovative package, the world’s poorest countries – especially the most fragile and vulnerable – will get the support they need to grow, create opportunities for people, and make themselves more resilient to shocks and crises,” said Kyle Peters, World Bank Group Interim Managing Director, and Co-Chair of the IDA18 negotiations. “IDA’s focus on issues like climate change, gender equality and preventing conflict and violence, will also contribute to greater stability and progress around the world.”
The financing will also help train 9-10 million teachers to benefit 300-plus million children; provide immunisations for 130-180 million children; enable better governance in 30 countries through improved statistical capacity; and add 5 Giga Watts (GW) of renewable energy generation capacity.
Current and past news stories.