In a statement by the World Bank Group’s President, Ajay Banga said donor countries committed $23.7 billion to reload its concessional lending arm, known as the International Development Association , IDA.
This year’s support is a slight increase from the roughly $23.5 billion pledged during the last fundraising round three years ago.
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Speaking further, Banga said the replenishment is not just about resources, but about how they are delivered.
Speaking on why the IDA matters, the bank said during its 60 years of existence, 35 countries have graduated from IDA, including many who are now generous donors, giving back so that others may prosper.