WASHINGTON — Fifty-two countries and other donors have pledged $23.5 billion (£18.32 billion) in new funds for the world's poorest states, pushing replenishment of the International Development Association (IDA) fund to a record $82 billion, the World Bank said on Friday. That fund, which includes more than $53 billion for Africa, will help countries work to create jobs, invest in infrastructure, boost economic growth, and bolster resilience to climate shocks and natural disasters, top bank officials said. First created in 1960, the fund is replenished every three years. The new funding level exceeds the previous level by $7 billion, officials said. "There's been an agreement on the largest-ever replenishment of IDA, the World Bank's fund for the poor," David Malpass, the bank's president, said, noting that some countries that had previously received money from IDA had increased their donations.

Source: International New York Times December 13, 2019 12:45 UTC