WASHINGTON Dec 15 The World Bank said on
Thursday that 48 governments have ratcheted up the fight against
extreme poverty by committing $75 billion in new funds to the
International Development Association, the bank's fund for the
The replenishment will enable IDA to scale up development
interventions to tackle conflict, fragility and violence, forced
displacement, climate change and gender inequality, the World
It also will help promote better governance and institution
building and economic development, areas that the World Bank has
targeted for the next three years.
"This is a pivotal step in the movement to end extreme
poverty," World Bank Group President Jim Yong Kim said in a
statement. "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."
The World Bank said the latest replenishment, which runs
from July 1, 2017, to June 30, 2020, will support health and
nutrition services for up to 400 million people, water
improvements for up to 45 million people and safe childbirth for
up to 11 million women.
It also will provide immunizations for 130 million to 180
million children, increased access to financial services and an
additional 5 gigawatts of renewable energy generation capacity,
the bank said.
To finance the groundbreaking package, IDA for the first
time is seeking to raise funds through debt markets alongside
donor contributions with internal resources and donor
Axel van Trotsenburg, World Bank vice president for
development finance, said the use of debt financing will allow
$3 in spending authority for every $1 in partner contributions.
A total of 48 governments pledged to contribute resources to
IDA at a meeting in Yogyakarta, Indonesia, while additional
governments are expected to pledge resources in the near term,
the World Bank said. It said that more than 60 donor and
borrower governments agreed on the replenishment plan.
Some 75 low-income countries are eligible to benefit from
the IDA financing package.
(Reporting by David Lawder; Editing by Bill Trott)