The World Bank’s fund for the planet’s poorest nations is seeking a record funding haul to tackle mounting debt and climate crises, its chief fundraiser has said.
The International Development Association (IDA) is in need of the “largest replenishment ever” of financial resources to provide cheap loans and grants to 75 developing countries, Dirk Reinermann, the bank’s head of resource mobilisation, told the Financial Times.
He did not specify a target, but IDA raised $23.5bn from donor countries in 2021, the last round of fundraising. That sum was raised to $93bn after tapping capital markets.
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