New World Bank fund lets emerging countries help each other
As wealthy nations deal with their own struggling economies, the World Bank launched a new fund Saturday to help emerging countries trade lessons amongst themselves, reported dpa.
The new programme was described as a "simple, low cost" means of helping developing economies learn about new ideas in their own back yards to help cut poverty, improve agriculture, manage their natural resources and improve political systems.
The first project is aimed at repeating in African countries India's rise to one of the world's largest dairy producers. Tanzanian, Ethiopian and Ugandan dairy farmers would travel to India to get new insights.
The World Bank said it expects to get 10 million dollars over three years for the fund. Seven countries have already offered support.
Ngozi Okonjo-Iweala, the World Bank's managing director, said the programme would help spread successful ideas to poor countries that "can't afford the luxury of long waits to receive support."
"Its credibility relies on the fact that it is developing country people sharing their own success," he said.