World Bank announces $93bn package for Nigeria, 73 others

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On Wednesday The World Bank announced a $93bn replenishment package of the International Development Association to help 74 low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.

The Bretton Woods institution announced that the fundings brought together $23.5bn of contributions from 48 high- and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.

David Robert Malpass World Bank Group President said  “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis. He added that “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”

Focus issues discussed were how the ongoing pandemic is worsening poverty, undermining growth, and jeopardizing the prospects of a resilient and inclusive development. “Countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates. About a third of IDA countries are facing a looming food crisis.” He added.

– Punch

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