World Bank nearly doubles aid to world's poor
Filed in archive Int'l Development on August 13, 2006
(From the University of Colorado)
This story from Reuters late Friday ...
The World Bank said on Friday its board approved funds nearly double this year's amount to finance development projects in the world's poorest countries to $950 million from the original pledge of $500 million.
The World Bank's top-up adds to the funds committed last year by 40 countries who account for much of the $33 billion earmarked for 81 poor countries, half of them in Africa, through the bank's International development Association (IDA), which gives interest-free loans and grants.
"While this record transfer of World Bank Group income is a positive step, it should be remembered that IDA is primarily dependent on contributions from donor governments," World Bank President Paul Wolfowitz said in a statement.
The World Bank's top-up adds to the funds committed last year by 40 countries who account for much of the $33 billion earmarked for 81 poor countries, half of them in Africa, through the bank's International development Association (IDA), which gives interest-free loans and grants.
"While this record transfer of World Bank Group income is a positive step, it should be remembered that IDA is primarily dependent on contributions from donor governments," World Bank President Paul Wolfowitz said in a statement.
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