Bern - 725 million to fight poverty

The Swiss government has decided to provide $752 million to the World Bank's International Development Agency
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Dina Aletras
18.05.2022 05:10

Switzerland today agreed to provide $725 million in additional capital to the World Bank's International Development Agency (IDA). This amount will be paid out over the course of a nine-year period.

The funds will be applied to the world's 74 poorest countries with the aim to fund recovery following the coronavirus disaster implementing the UN's 2030 Agenda for Sustainabled Development.

The Confederation will also allocate $56.87 million to the International Debt Relief Initiative (MDRI), a release issued by the government today specifies.

The crisis caused by the coronavirus pandemic has hit many of the developing countries severely and has pushed some 100 million people back under the extreme poverty line. To provide the World Bank with the necessary funding to put in place an effective response, the IDA brought forward its 20th re-capitalization by one year.

The IDA is the World Bank's fund supporting the poorest countries. It will invest $93 billion to improve health and education services, boost private sector and job creation, and strengthen resilience to emergencies and climate change, including in fragile and conflict-affected countries, between July 2022 and June 2025.