World Bank raises $52bn for world's poorest

The World Bank said Tuesday it had raised a record $52 billion in fresh aid for its fund for helping the world's poorest people. A coalition of 46 developed and developing countries made commitments for the funding for the Bank's International Development Association programs covering the three years from June 2014. "The coalition agreed that increased funding was needed to tackle the toughest issues in fragile and conflict-affected states to help those countries tip the balance toward stability," the Bank said. With the funding the IDA will increase its focus on the most challenging areas, with particular attention on private-sector mobilization and climate change and gender equality projects. It said the funding will help it provide electricity to serve 15-20 million people, vaccines for 200 million children, and microfinance loans for more than one million women. "Some 32 million people will benefit from access to clean water and another 5.6 million from better sanitation facilities," it said. Half of the $49.3 billion funding for IDA projects over the past three years went to Africa, where 40 countries qualify for IDA assistance. "We are deeply appreciative of the extraordinary efforts made by countries, many of which are facing their own economic challenges, to stretch to help the poorest," said World Bank President Jim Yong Kim in a statement. "We are committed to making the most of every scarce development dollar to create new opportunities and bring about transformational change in the lives of poor people."