UK urges World Bank to channel more money into tackling climate crisis
UK backing for a World Bank fund to help poor countries depends on reforms at the lender to channel more money into tackling the climate crisis, improving gender equality and ensuring vulnerable countries can pay their debts.
The international development secretary, Alok Sharma, said the size of the UK’s contribution to the bank’s concessional loan facility for the world’s least-developed countries would depend on a more focused anti-poverty approach.
The bank is currently seeking contributions from rich countries for the 19th replenishment of the International Development Association (IDA 19), which provides soft loans and grants for countries in financial difficulty.
Britain is one of the few countries to meet the United Nations target for spending 0.7% of national income on development assistance, and the size of the aid budget meant it was the biggest single donor to IDA 18, a three-year £58 billion ($75 billion) round of funding which expires in 2020.
