The World Bank has said the International Development Association (IDA) will receive a $93 billion replenishment package to help low-income Countries, including Nigeria, deal with the COVID-19 crisis and build a greener, more resilient, and inclusive future.
The finance package, which was agreed upon during a two-day conference virtually hosted by Japan, is the largest ever mobilized by the IDA in its 61-year history, a blog post by the institution said.
According to the post, $23.5 billion in contributions from 48 high and middle-income nations, as well as capital market financing, repayments, and World Bank contributions, make up the financing.
World Bank Group President David Malpass said, “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,”
He added, “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”
The funds, according to the bank, 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. In these countries, the ongoing pandemic is worsening poverty, undermining growth, and jeopardizing the prospects of resilient and inclusive development.
It said countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates. About a third of IDA countries are facing a looming food crisis.
“To help countries build back greener, a substantial portion of these funds go to tackling climate change, with a focus on helping countries to adapt to rising climate impacts and preserve biodiversity. IDA will also deepen support to countries to better prepare for future crises, including pandemics, financial shocks, and natural hazards. While IDA20 will support countries globally, resources are increasingly benefiting Africa, which will receive about 70% of the funding,” the World Bank said.
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