The World Bank has announced its replenishment package of the International Development Association (IDA) to assist seventy-four low-income countries by reimbursing them with a sum of $93billion to help them grow from the COVID-19 crisis and build a better and independent future.
This financial plan came into being during a two-day meeting hosted virtually by Japan and it has been described by the world bank as the largest ever mobilized meeting in the IDA’s 61-year history.
In a statement by the Bretton Woods institution, it was stated that the contributions were brought together by 48 high and middle-income countries who came raised $23.5billion and contributions from the World Bank.
World Bank Group President, David Malpass, stated that the commitment by the partners is a significant step towards supporting poor countries in their efforts to recover from the COVID-19 crisis.
It was reported that the funds would be delivered to the world’s 74 poorest countries under the 20th replenishment programme (IDA20). The programme seeks to help affected countries rise from the impact of the COVID-19 pandemic.
It was however noted that while IDA20 supports countries globally, the African continent has been a major beneficiary of the group’s interventions it will receive about 70 % of the funding.
