Japan offer 5 billion dollars funds to World Bank to assist developing countries

Japan signs agreement with World Bank to boost financial assistance
Date: Jun 28, 2014
Source: Kyodo News International

Japan signed an agreement with the World Bank on Friday to increase its financial contribution to the bank’s fund to reduce global poverty to more than 500 billion yen.

Japan’s contribution to the International Development Association, comprising over 310 billion yen in the form of capital and over 190 billion yen in the form of a concessional loan, makes the country the biggest contributor to the fund.

The IDA secured a record $52 billion in December in financing over the next three years and the World Bank said the record outcome would not have been achieved without Japan’s strong support.

At a ceremony held at the bank’s headquarters in Washington, World Bank President Jim Yong Kim, said, “IDA’s partnership with Japan remains very important to our efforts to achieving the World Bank Group’s twin goals: to end extreme poverty by 2030, and to boost shared prosperity of the bottom 40 percent of the population in developing countries.”

Japanese Ambassador to the United States Kenichiro Sasae said, “We hope that Japan’s efforts in all these areas will help move the world toward President Kim’s strategic goals.”