YOGYAKARTA, Indonesia, CMC – The World Bank says a coalition of more than 60 donor and borrower governments has agreed to ratchet up the fight against extreme poverty in the Caribbean and other places with a record US$75 billion commitment for the International Development Association (IDA) – the World Bank’s fund for the poorest countries.
The Washington-based financial institution said the funding will enable IDA to dramatically scale up development interventions to tackle conflict, fragility and violence, forced displacement, climate change, and gender inequality; and promote governance and institution building.
The funding will also address jobs and economic transformation—areas of special focus over the next three years.
The bank said these efforts are underpinned by “an overarching commitment to invest in growth, resilience, and opportunity.”
The World Bank said financing during the IDA18 replenishment period, which runs from July 1, 2017 to June 30, 2020, is expected to support essential health and nutrition services for up to 400 million people; provide access to improved water sources for up to 45 million; provide financial services for 4-6 million; and enable safe childbirth for up to 11 million women, through provision of skilled health personnel.
The financing will also help train for 9-10 million teachers to benefit 300-plus million children; provide immunizations for 130-180 million children; enable better governance in 30 countries through improved statistical capacity, and add 5 GW of renewable energy generation capacity.
To finance this groundbreaking package, the World Bank said the IDA is proposing the most radical transformation in its 56-year history.