The World Bank reports a record $100 billion in aid for the world’s poorest nations.

On Thursday, the World Bank declared that it has secured about $24 billion to provide loans and grants to some of the globe’s most impoverished countries, which it can utilize to create an unprecedented $100 billion in overall spending capacity.

Donor nations pledged $23.7 billion to refill the International Development Association (IDA), the concessional lending arm of the World Bank, according to a spokesperson, reflecting a modest rise from the approximately $23.5 billion promised in the previous fundraising cycle three years prior.

The Bank can utilize these funds to borrow in financial markets, enabling it to amplify the raised amount by around fourfold, unleashing around $100 billion in fresh loans and grants, an increase from $93 billion in 2021.

The World Bank statement indicated that the unprecedented success of the IDA21 replenishment signifies a vote of confidence and support from donors and clients, referring to the current IDA funding round.

World Bank President Ajay Banga stated, “This funding will be allocated to assist the 78 countries that require it the most,” referring to the developing nations eligible for IDA support.

He further stated that it will assist in providing “resources to invest in health, education, infrastructure, and climate resilience,” in addition to stabilizing economies and generating employment.

The World Bank’s announcement comes after two days of discussions in Seoul, South Korea, a city still recovering from President Yoon Suk Yeol’s declaration of martial law late Tuesday, which he subsequently rescinded under legislative pressure.

According to the World Bank, IDA has emerged as the predominant source of concessional climate finance, with almost two-thirds of its investment over the previous decade allocated to support African nations.

The IDA replenishment is an essential component of the Bank’s operations, occurring every three years, with significant financing sourced from the United States, Japan, and other European nations, notably the United Kingdom, Germany, and France.

This year, the United States preemptively declared a historic commitment of $4 billion in fresh money to the IDA, while other nations, such as Norway and Spain, also substantially increased their financial contributions.

In recent decades, thirty-five former users of IDA assistance have transitioned from developing economy classification, including China, Turkey, and South Korea, with several now contributing as donors to the fund.