According to Amac News: A World Bank spokesperson who spoke to AFP said that donor countries have pledged $23.7 billion to renew the resources of the International Development Association (IDA), the bank's concessional lending arm.
Total potential loans and grants now reach about $100 billion, surpassing the $93 billion offered in 2021.
World Bank President Ajay Banga said the funding will help the 78 countries most in need to invest in health, education, infrastructure and resilience. This budget will also help stabilize economies and create jobs.
The announcement came after two days of talks in the South Korean capital, Seoul, where political tensions have been high over the country's president's declaration of martial law.
IDA has become the largest source of concessional climate finance, with about two-thirds of all IDA financing going to African countries over the past decade.
IDA's resources are renewed every three years, and the bulk of this funding comes from the United States, Japan, and several European countries, including the United Kingdom, Germany, and France.
This year, the United States announced a new record $4 billion to IDA, and other countries such as Norway and Spain also significantly increased their financial support.
It should be noted that China, Turkey and South Korea, which have now become donors to IDA, are among the thirty-five countries that have benefited from this fund's aid in the past decades.