Swiss earmark CHF879 million for development banks

Switzerland is to contribute CHF879 million ($907 million) to help fight poverty, promote sustainable development and deal with the health, social and economic impacts of the Covid-19 crisis on the world’s poorest countries.  This money will go to the International Development Association (IDA/World Bank) and the African Development Fund (ADF), the government said in a statement on Wednesday.  “The Covid-19 crisis threatens to jeopardise the progress made in recent decades in reducing poverty and improving health and living standards in many developing countries,” it said.  “The multilateral development banks play a major role in managing crises and in combating extreme poverty. With their expertise and financial means, they are effective in addressing global challenges such as pandemics, financial crises and climate change.”  Budgets  Switzerland will commit CHF683 million to restock the IDA coffers and CHF196 million for those of the ADF. This money will be paid out over ...