World Bank's fund for poorest gets record 50 billion dollars
The World Bank's lending fund for the world's poorest countries will get a record cash injection of nearly 50 billion dollars over the next three years, the development institution announced Wednesday, dpa reported.
The new money for the International Development Association (IDA) fund comes as the Washington-based World Bank has been loaning out record amounts to cash-strapped governments in the aftermath of the world economic crisis. IDA loaned 15 billion dollars in 2010.
The 49.3 billion dollars given to IDA comes from 51 countries and other World Bank sources, marking an 18-per-cent increase over the fund's last cash injection in 2007. The IDA fund loans money to 79 of the world's poorest countries.
The new cash injection was agreed after a meeting of donor governments in Brussels. World Bank President Robert Zoellick said the "historic" funding marked a "very sig accomplishment at a time of tough budget cuts in many donor countries."