The World Bank will allocate $93 billion to help the world’s poorest countries overcome the economic crisis caused by the coronavirus pandemic through the International Development Association (IDA, WB structure).

 According to the World Bank’s press release, $23.5 billion of that amount was contributed by high- and middle-income countries. The remaining funding was raised from the capital markets and the WB’s own funds. The money will be distributed among the 74 poorest countries in the world between July 1, 2022 and June 30, 2025. African countries will receive about 70% of the total amount. The main goal of the program is to help eliminate the consequences of the COVID-19 pandemic, while a significant part of the funds will be used to address climate change and biodiversity conservation.