---
title: "World Bank wins pledges for $100-billion replenishment of fund for poorest countries"
description: "Donor countries have pledged a record $100-billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Reuters"
author_url: "https://www.dailymaverick.co.za/author/reuters/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-12-06-world-bank-wins-pledges-for-100-billion-replenishment-of-fund-for-poorest-countries/"
published: "2024-12-06T04:54:16"
updated: "2024-12-06T04:54:18"
lang: "en-ZA"
word_count: 281
---

# World Bank wins pledges for $100-billion replenishment of fund for poorest countries

> Donor countries have pledged a record $100-billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.

By Reuters · Published 6 December 2024, 06:54 SAST · Updated 6 December 2024, 06:54 SAST

## Key points
- In a thrilling sequel to last year's financial drama, donor nations have pledged a record $100 billion to the World Bank's fund for the world's poorest—though they still fell short of the blockbuster $120 billion sequel that some developing countries had hoped for, proving once again that even in philanthropy, Hollywood-style expectations can lead to a box office flop.
- Donor nations have pledged a historic $100 billion to the World Bank's fund for the poorest countries, aimed at addressing debt, climate crises, and conflict.
- The commitment was announced at a Seoul conference, surpassing the previous $93 billion replenishment from December 2021.
- While countries will contribute about $24 billion directly, the fund plans to leverage bonds to reach the $100 billion target by mid-2028.
- The two-day conference fell short of the $120 billion goal sought by some developing nations, impacted by the strong dollar and fluctuating currency contributions.

## Content

- Donor nations have committed a record $100-billion over three years to the World Bank's fund for the poorest countries, aimed at combating debt, climate crises, and conflict.
- The announcement was made at a Seoul conference for the International Development Association, surpassing the previous $93-billion replenishment from December 2021.

The World Bank made the announcement early on Friday in Seoul at a pledging conference for the International Development Association, which provides grants and very low interest loans to some 78 low-income countries.

The total exceeds the previous $93-billion IDA replenishment announced in December 2021. Countries will contribute about $24-billion directly to IDA, but the fund will issue bonds and employ other financial leverage to stretch that to the targeted $100 billion in grants and loans through mid 2028.

But the two-day pledging conference fell short of the $120-billion goal that some developing countries had called for, partly because the dollar's strength-- pushed up by Donald Trump's US presidential election victory -- diminished the dollar value of significant increases in foreign currency contributions by several countries.

At a G20 leaders' summit in Brazil last month, Norway [increased its pledge](https://www.regjeringen.no/en/aktuelt/norway-increasing-contribution-to-fund-for-worlds-poorest-countries/id3074893/) by 50% from 2021 to 5.024 billion krone. That's $455-illion at current exchange rates, but at the start of 2024, it would have been worth $496-million.

South Korea boosted its pledge by 45% to 846 billion won, ($597-billion), Britain by 40% to [1.8 billion pounds](https://www.reutersconnect.com/all?search=all%3AL5N3MZ0Y5&linkedFromStory=true), while [Spain](https://www.reutersconnect.com/all?search=all%3AL1N3M018B&linkedFromStory=true) boosted its contribution to 400 million euros, a pledge worth $423-million -- $10-million less than the day it was announced in October.

US President Joe Biden [pledged](https://www.reutersconnect.com/all?search=all%3AL1N3MP0K5&linkedFromStory=true) a $4-billion U.S. contribution, up from $3.5-billion in the previous round.

(Reporting by David Lawder. Editing by Shri Navaratnam)