Donor countries have pledged a record $100 billion to the World Bank’s fund for the poorest nations, offering critical support to tackle debts, climate crises, inflation, and conflicts.

The World Bank announced on Friday in Seoul a record $100 billion replenishment for the International Development Association (IDA), which provides grants and low-interest loans to 78 low-income countries.

The $100 billion target surpasses the $93 billion announced in 2021, with $24 billion coming from direct country contributions and the rest through bonds and financial leverage, covering grants and loans until mid-2028.

The pledging conference fell short of the $120 billion goal due to the strong dollar reducing the value of foreign currency contributions despite significant increases from donor countries.

Norway increased its pledge by 50% to 5.024 billion kroner ($455 million), South Korea by 45% to 846 billion won ($597 million), Britain by 40% to 1.8 billion pounds, and Spain to 400 million euros ($423 million).

The United States, represented by President Joe Biden, pledged $4 billion, an increase from $3.5 billion in the previous replenishment round.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!