December 17, 2010

World Bank Pledges $49.3 Billion to Assist World’s Poorest

Posted in Philanthropy at 9:12 pm by philanthropynews

Meeting in Brussels, officials of the World Bank Group have announced a $49.3 billion funding package for the International Development Association (IDA16), the bank’s fund for the world’s poorest countries and a key driver of progress in achieving the Millennium Development Goals.

The allocation — an 18 percent increase over the previous funding round in 2007 — will support pro-growth and anti-poverty efforts in seventy-nine countries. Among other things, grants will be used to finance infrastructure, combat climate change, improve health services, and educate children, with a special focus on gender issues and assistance for conflict-affected countries in their quest for peace and development. As in the past, sub-Saharan Africa will remain a major beneficiary of IDA support.

(Read more via Philanthropy News Digest.)