Yemen Observer

Aug 19, 2006 - Vol. IX. Issue30

New anti-corruption tool lauvehet

The World Bank Group made a record transfer of $950 million from its income to finance development projects in the poorest countries as it urged donors to fulfill their promises of providing more aid to confront global poverty. The sum committed almost doubled the amount originally pledged for this year and drew for the first time on the income of the Bank's private sector arm.

At the same time, the World Bank decided to improve the loan terms for credit-worthy poor and middle-income countries by fully waiving a fee charged to borrowers. The decisions, approved by the Bank's Board, transfer $950 million to the International Development Association (IDA), the World Bank affiliate which extends grants and interest-free credits to the world's poorest countries. The World Bank's Board also approved fully waiving front-end fees charged on loans from the International Bank for Reconstruction and Development (IBRD), a World Bank unit which provides finance and technical advice to credit-worthy poor and middle income countries.

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Posted by pichu at August 19, 2006 9:48 PM