The bank said in a statement that this is the largest “replenishment” ever of the resources of the International Development Association, which provides financial support to 74 countries, the majority of which are in Africa.
“The generous commitment of our partners today is a critical step to support poor countries in their efforts to recover from the Covid-19 crisis,” the statement quoted David Malpass, president of the World Bank, as saying.
The replenishment of resources announced by the bank on Wednesday will cover the needs of the institution for the period until July 2022.
The International Development Association is part of the World Bank Group concerned with helping the world’s poorest countries by providing loans and grants for programs that promote economic growth, reduce inequality, and improve living conditions in these countries.
The Foundation is primarily financed by contributions from member countries to the Bank, and donors meet once every three years to replenish its resources.
The foundation’s 19th round of financing began in July 2020, a year earlier than it was supposed to start, given the current crisis related to the Covid-19 epidemic.
.