The World Bank has pledged $3.5B to developing countries - twice what the Bank pledged in the last replenishment of IDA, its development wing, in 2005.

Robert Zoellick, President of the World Bank, says the pledge is designed to encourage rich countries to increase their donations to the Bank and so that the Bank can do more work in “middle-income countries.”

Background info: The World Bank is composed of the IDA (which loans money to poor countries), the IFC (which loans money to the private sector) and the IBRD (which loans money to middle-income countries). The increased pledge is possible because the IFC and IBRD are in a strong financial situations right now.

Read more about the pledge in this BBC News piece.

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