In order to help some of the world’s poorest countries, the World Bank said Thursday that it has raised nearly $24 billion. This money can be used to create a record $100 billion in overall spending power.
According to a World Bank official who spoke to AFP, donor nations offered $23.7 billion to restock the bank’s concessional lending division, the International Development Association (IDA). This is a modest increase over the approximately $23.5 billion pledged during the previous fundraising round three years prior.
Leveraging the amount raised by almost four times, the Bank can utilize this money to borrow on financial markets, enabling it to unleash approximately $100 billion in new loans and grants, up from $93 billion in 2021.
