The World Bank has met a target to raise $100bn in finance for the world’s poorest countries in the next three years, despite the strong US dollar and fiscal pressures hitting developed countries. However, it faces the prospect of a Trump presidency threatening future fundraising from its largest shareholder.
The International Development Association arm of the bank, the world’s biggest lender to poor countries and its biggest source of concessional climate finance, unveiled the largest fundraising in its history on Friday even as aid budgets around the globe are stagnating.
Donor governments agreed to contribute $23.7bn at a pledge meeting in South Korea this week, only a slight increase on $23.5bn that they pledged the last time the IDA raised money, in 2021.