World Bank President Announces $24 Billion in Funding for 2024
Ajay Banga, President of the World Bank, announced in a public letter on December 5 that $24 billion has already been mobilized from donors in 2024, towards a targeted goal of $120 billion.
These funds will support 78 countries across various sectors, including:
- Health
- Education
- Infrastructure
- Climate resilience
- Job creation
The International Development Association (IDA) is also committed to simplifying its operations to achieve faster and more effective results, by reducing the number of metrics required for its projects by half, according to the World Bank President.
As the primary financier of development projects, the IDA focuses on low-income countries, mainly in Africa. According to the World Bank, 464 million people still live in extreme poverty in Sub-Saharan Africa, where more than half of the countries risk high debt distress.
