World Bank announces record $100 bn support for world's poorest countries

World Bank President Ajay Banga looks on at the World Bank headquarters in Washington, DC, on October 22, 2024, during the International Monetary Fund/World Bank annual Fall meetings. [AFP]

The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some of the world's poorest nations, which it can leverage to generate a record $100 billion in total spending power.

Donor countries committed $23.7 billion to replenish the bank's concessional lending arm, known as the International Development Association (IDA), a World Bank spokesperson told AFP, marking a slight increase from the roughly $23.5 billion pledged during the last fundraising round three years ago.