Record USD75 billion commitment to end extreme poverty: Global community

A coalition of more than 60 donor and borrower Governments on December 15th agreed to ratchet up the fight against extreme poverty with a record USD75 billion commitment for the International Development Association (IDA), the World Bank’s fund for the poorest countries.

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, as well as jobs and economic transformation - areas of special focus over the next three years. These efforts are underpinned by an overarching commitment to invest in growth, resilience and opportunity.
“This is a pivotal step in the movement to end extreme poverty. The commitments made by our partners, combined with IDA’s innovations to crowd in the private sector and raise funds from capital markets, will transform the development trajectory of the world’s poorest countries”, said World Bank Group President Jim Yong Kim.
With this innovative package, the world’s poorest countries - especially the most fragile and vulnerable - will get the support they need to grow, create opportunities for people, and make themselves more resilient to shocks and crises. IDA’s focus on issues like climate change, gender equality and preventing conflict and violence will also contribute to greater stability and progress around the world.

Financing during the IDA18 replenishment period, which runs from July 1st, 2017 to June 30th, 2020, is expected to support: essential health and nutrition services for up to 400 million people; access to improved water sources for up to 45 million people; financial services for 4-6 million people; safe childbirth for up to 11 million women through provision of skilled health personnel; training for 9-10 million teachers to benefit 300+ million children; imunizations for 130-180 million children; better governance in 30 countries through improved statistical capacity; and an additional 5 GW of renewable energy generation capacity.
For the first time, IDA is seeking to leverage its equity by blending donor contributions with internal resources and funds raised through debt markets. By blending concessional contributions from donors with its own resources and capital market debt, IDA will significantly increase the financial support it provides to clients.
“The innovative financing package offers exceptional value for money, with every USD1 in partner contributions generating about USD3 in spending authority. It is one of the most concrete and significant proposals to date on the Addis Ababa Action Agenda - critical to achieving the 2030 Sustainable Development Goals”, stressed Axel van Trotsenburg, World Bank Vice President for Development Finance.
The additional financing will enable IDA to double the resources to address fragility, conflict and violence (more than USD14 billion), as well as the root causes of these risks before they escalate, and additional financing for refugees and their host communities (USD2 billion). Increased financing will help strengthen IDA’s support for crisis preparedness and response, pandemic preparedness, disaster risk management, small states and regional integration.
Efforts to stimulate private sector development in the most difficult environments, at the core of job creation and economic transformation, will receive a major push in the form of a new USD2.5 billion Private Sector Window (PSW). The PSW, being introduced together with the International Finance Corporation and Multilateral Investment Guarantee Agency, will help mobilize private capital and scale up private sector development in the poorest countries, particularly in fragile situations.
The funds will also help governments strengthen institutions, mobilize resources needed to deliver services, and promote accountability.
A total of 48 countries pledged resources to IDA; additional countries are expected to pledge in the near-term. The World Bank Group is continuing the tradition of contributing its own resources to IDA.
A total of 75 low-income countries are eligible to benefit from the IDA18 financing package./.

Chia sẻ bài viết ^^
Other post

All comments [ 10 ]

John Smith 26/12/16 21:34

There are numerous strategies that organizations use to improve living conditions for the world’s poor. Below are a handful of our favorites.

Gentle Moon 26/12/16 21:35

The key to reducing poverty, building wealth, and maybe reducing inequality, is access: to infrastructure, finance, education and the other basics that enable mobility, build skills and promote entrepreneurship.

LawrenceSamuels 26/12/16 21:35

The way to make more of the benefits of the global economy available to mopre of the world's people.

Jane smartnic 26/12/16 21:36

As each innovation moves from lab to marketplace, it generates entirely new industries, business models and jobs.

yobro yobro 26/12/16 21:37

infrastructure and investment are the one-two punch that builds the foundations for individual empowerment and productivity.

Love Peace 26/12/16 21:39

Modern society is integrated with many activities going on, having to do with so many expectations and duties, maintenance and preservation, and prevention, but there are still potential changers, they could be exploited and translated into policy.

MaskOf Zero 26/12/16 21:40

The good news is that different policy choices can bring different outcomes. When the government invests in jobs and policies to increase workers’ wages and families’ economic security, children and families see improved outcomes in both the short and long term.

Only Solidar 26/12/16 21:41

The best pathway out of poverty is a well-paying job.

Pack Cassiopian 26/12/16 21:42

There is nothing inevitable about poverty. We just need to build the political will to enact the policies that will increase economic security, expand opportunities, and grow the middle class.

Deck Hero14 26/12/16 21:45

The WB, UN and many other organizations in the world should launch more programs to help people in extreme poverty area have chances of accessing jobs.

Your comments