Tuesday, January 11, 2022

Japan to contribute $3.4bn to World Bank arms for low-income countries

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Japan will contribute 376.7 billion yen, 3.4 billion U.S. dollars, to the International Development Association, IDA, a part of the World Bank fund aiming to help poor countries.

The finance ministry said on Thursday that it aimed to help poor income countries recover from financial dilemma amid the COVID-19 pandemic.

The IDA will use the funds to provide assistance to 74 low-income countries, including delivering vaccines, creating job opportunities and tackling climate change.

The IDA, founded in 1960, provides aids to the poorest countries in the form of zero or low-interest loans for projects and programmes that help the development of economic growth and reduce poverty.

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Finance Minister, Shunichi Suzuki, said at a virtual two-day meeting of donors hosted by Japan, the world continued to face an unprecedented crisis due to COVID-19.

“Now is the time for global solidarity,” said Suzuki.

The decision on the replenishment package of 93 billion U.S. dollars for the fund was separately announced by the World Bank.

The replenishment is normally provided every three years but the pandemic has pushed the process forward by one year.

In December 2019, donors agreed to make contributions worth a total of 82 billion dollars.

The donors have promised to provide a total of 23.5 billion dollars this time.

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“Generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis,” said David Malpass, president of the World Bank Group.

Xinhua/NAN

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