Boost for World Bank

A World Bank programme that provides financial help to poor countries will gain around £18.8bn (€27.1bn) over the next three years under an agreement reached by donor nations.

The money will go to the World Bank’s International Development Association. IDA provides low-interest loans and grants to 81 impoverished countries, such as India, Bangladesh and Uganda.

Around £10bn (€14.4bn) would come from the United States and other donor nations, said Geoff Lamb, a World Bank vice president and chairman of negotiations for IDA’s funding. The remaining £8.8bn (€12.7bn) will come from loan repayments and transfers from World Bank net income.