The World Bank targets $100bn to eradicate extreme poverty saying that it could take decades to eradicate without drastic actions.
The World Bank said this in a publication seen by NewsNGR.
According to the Washington-based lender, 700 million people live on less than $2.15 a day.
The lender said 3.5 billion people live on less than $6.85 a day, adding that multidimensional poverty concentrated in lowest-income countries.
World Bank said, “About 700 million people—or 8.5 percent of the global population—live in extreme poverty on less than $2.15 a day.
“Around 3.5 billion people live on less than $6.85 a day, the poverty line more relevant for middle-income countries, which are home to three-quarters of the world’s population.
“Without drastic action, it could take decades to eradicate extreme poverty and more than a century to eliminate poverty as it is defined for nearly half of the world.”
The institution explained that poverty goes beyond a lack of income as it could also include insufficient access to education, health, electricity, or basic services such as safe drinking water or sanitation.
World Bank said, “As of 2024, over one-third of people in countries eligible for support from the World Bank’s IDA and more than half of those in Sub-Saharan Africa are experiencing multidimensional poverty, highlighting how persistent development challenges remain.
“Earlier this month, the global community came together to reaffirm their commitment to IDA, which offers concessional lending to 78 low-income countries.”
It said the 21st replenishment of IDA raised $23.7bn to boost development for these countries for 2025-2028.
“This will generate $100bn in affordable financing to help countries spur job growth, deliver better quality health care, improve education, expand electricity access, enhance food security and nutrition, and much more,” World Bank said.