World Bank Announces Record $100 Bn Support For World's Poorest Countries

World Bank President Ajay Banga has been pushing to raise the level of funding committed to IDA (Credit: AFP)

The World Bank announced Thursday that it has 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 by donor countries during the last fundraising round three years ago.