"World Bank": $100 billion to replenish the resources of the International Development Association

SEOUL, December 8 / WAM / The World Bank Group announced a record level of contributions amounting to $100 billion to replenish the resources of the International Development Association, which represents a milestone in global development efforts.

In addition to this record financing, the World Bank is working to simplify and facilitate the institution’s activities, programmes, processes and procedures and accelerate their pace, which has led to reducing the number of policy standards and commitments by half, and giving its client countries more freedom to define and formulate their development priorities.

This announcement is the culmination of a year-long effort to replenish the institution’s resources, and Ajay Banga, President of the World Bank Group, praised these efforts, in an open letter to donors, countries, clients of the Bank, stakeholders, and partners.

This message sets out a vision to maximize the use of these increasing resources to achieve the outcomes that will bring about the required qualitative shift.

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