August 12, 2006 - 6:04AM

The World Bank said its board approved funds that nearly double this year's amount to finance development projects in the world's poorest countries to $US950 million ($A1.24 billion) from the original pledge of $US500 million ($A650 million).

The World Bank's top-up adds to the funds committed last year by 40 countries who account for much of the $US33 billion ($A43 billion) earmarked for 81 poor countries, half of them in Africa, through the bank's International Development Association (IDA), which gives interest-free loans and grants.

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Posted by pichu at August 12, 2006 8:31 AM