The UK government has pledged to invest £1.98 billion ($2.5 billion) over the next three years into the World Bank’s International Development Association (IDA) fund, aimed at supporting the world’s lowest-income countries. This contribution will help fund projects that promote economic growth, combat poverty, and address the ongoing challenges of climate change, according to a government statement.
The IDA fund, which provides grants and low-interest loans to the most impoverished nations, is replenished every three years, with a pledging conference scheduled for December 5-6 in Seoul. World Bank President Ajay Banga is seeking a record-breaking amount for this replenishment, aiming to exceed the $93 billion raised in December 2021, in response to growing demands from poor countries facing mounting debts, climate-related disasters, conflict, and other crises.
This pledge comes shortly after U.S. President Joe Biden announced a $4 billion contribution to the IDA fund last week.
While the UK previously committed 0.7% of its gross national income to overseas development aid, the Conservative government reduced this figure to 0.5% in 2021 due to the economic impact of the COVID-19 pandemic. Since taking office in July, Prime Minister Keir Starmer's Labour government has vowed to restore the aid budget to 0.7%, though no timeline has been set for this increase.
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Britain, France, and Germany have confirmed that their proposal to extend the Iran nuclear deal and delay the reimposition of UN sanctions for 30 days “remains on the table,” UK Ambassador Barbara Woodward said on Friday at the United Nations.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 28th of August, covering the latest developments you need to know.
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AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
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Uzbekistan’s President Shavkat Mirziyoyev and U.S. President Donald Trump have agreed to broaden their strategic partnership and enhance mutually beneficial cooperation, the Uzbek presidency said on Friday following a phone call between the two leaders.
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Nearly a week after a magnitude 6 earthquake struck eastern Afghanistan, more than 2,200 people have died and tens of thousands are homeless. Residents of Bambakot and other villages are living under tents, too afraid to return to their damaged homes.
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