Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.
Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.
The World Bank made the announcement early on Friday in Seoul at a pledging conference for the International Development Association, which provides grants and very low interest loans to some 78 low-income countries.
The total exceeds the previous $93 billion IDA replenishment announced in December 2021. Countries will contribute about $24 billion directly to IDA, but the fund will issue bonds and employ other financial leverage to stretch that to the targeted $100 billion in grants and loans through mid 2028.
But the two-day pledging conference fell short of the $120 billion goal that some developing countries had called for, partly because the dollar's strength .DXY -- pushed up by Donald Trump's U.S. presidential election victory -- diminished the dollar value of significant increases in foreign currency contributions by several countries.
At a G20 leaders' summit in Brazil last month, Norway increased its pledge by 50% from 2021 to 5.024 billion krone. That's $455 million at current exchange rates, but at the start of 2024, it would have been worth $496 million.
South Korea boosted its pledge by 45% to 846 billion won, ($597 million), Britain by 40% to 1.8 billion pounds, while Spain boosted its contribution to 400 million euros, a pledge worth $423 million -- $10 million less than the day it was announced in October.
U.S. President Joe Biden pledged a $4 billion U.S. contribution, up from $3.5 billion in the previous round.
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Azerbaijan should unlock the full potential of its tourism sector to drive long-term economic growth, diversify its economy and create jobs as reliance on hydrocarbons declines, the World Bank has said.
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and Development (EBRD), the trend is supported by investment activity, industrial expansion and large-scale infrastructure projects.
Finance ministers from the Group of Seven (G7) have urged the International Monetary Fund (IMF) and the World Bank to increase support for countries hardest hit by the conflict in the Middle East.
Profits for worldwide energy company TotalEnergies have risen 41% in three months, as global energy supplies are disrupted after two months of war and oil prices have increased by 3%.
It has been a punishing week for large parts of China, and forecasters warn the worst may not be over. After Typhoon Maysak left a trail of destruction and at least 23 people dead, Super Typhoon Bavi is now threatening the country's eastern coast.
At least 12 people have been killed in forest fires in Almeria in southern Spain, Andalucía’s emergency agency has said, as firefighters continue efforts to put out the blaze.
The death toll from Venezuela's twin earthquakes has risen to 3,811, according to figures released by National Assembly President Jorge Rodriguez on Wednesday.
U.S. President Donald Trump said Washington has agreed to resume talks with Iran after Tehran requested further negotiations, but declared that last month's ceasefire between the two countries was "over".
The U.S. military said on Wednesday it launched fresh strikes on Iran to keep the Strait of Hormuz open to shipping, triggering Iranian attacks on Kuwait and Bahrain in the latest escalation to derail efforts to end the war.
Athletes from around the world are competing in the 2026 World Rafting Cup on Kenya's Tana River, with races taking place in the town of Sagana in Kirinyaga County, north of the capital, Nairobi.
China's technology sector is producing billion-dollar startups at its fastest pace in nearly five years, with artificial intelligence and robotics driving a new wave of investment that is reshaping the country's innovation economy.
Spain advanced to the FIFA World Cup 2026 semi-finals after defeating Belgium 2-1 at Los Angeles Stadium, setting up a highly anticipated last-four clash with France.
The remains of 10 victims of the 1995 Srebrenica genocide were carried to the Potočari Memorial Cemetery in eastern Bosnia and Herzegovina on Friday ahead of their burial during the 31st anniversary commemoration.
Chinese President Xi Jinping has urged China and North Korea to strengthen cooperation and maintain "strategic resolve" amid what he described as growing global instability. He made the remarks during talks with North Korean Premier Pak Thae-song in Beijing on Friday.
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