World Bank renders raising funds for poor nations ‘challenging’

Huge donation: Banga speaks at the Economic Development Assembly in Abidjan, Ivory Coast. The World Bank president has set a goal of raising a record-breaking amount of donations for low-interest loans and grants to the roughly 75 poorest countries. — AFP

WASHINGTON: The World Bank faces a “challenging” task of raising a record amount of new money to help the most impoverished nations, according to a top official from the development lender.

Akihiko Nishio, vice-president of development finance, said a strong US dollar is one key factor, as are the competing funding demands on donors, including aid to support Ukraine, refugees and those impacted by higher food prices.