93 billion USD support package to boost poorest countries

December 17, Kathmandu: The World Bank has announced a 93 billion US dollars replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.

The financing brings together 23.5 billion USD of contributions from 48 high and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.

The financing package, agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history, according to a statement issued by the World Bank Group.

“Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis,” said World Bank Group President David Malpass.

The funds will be delivered to the world’s 74 poorest countries under the 20th replenishment (IDA20) program, which focuses on helping countries recover from the impacts of the COVID-19 crisis.