World Bank pledges $3.5 billion, cuts rates

The World Bank said it will give $3.5 billion to the world's poorest economies and will lower borrowing costs for poor and middle-income countries.

The funding will come through the 15th replenishment of the International Development Association (IDA). Robert Zoellick, the president of the Bank said: "By boosting its IDA pledge, the Bank is putting its money where its mouth is."

The Bank also said it will approve the biggest simplification and lowering of loan costs in nine years for low and