The World Bank (WB) announced at the end of last week that it will make 70 billion dollars available to help the poorest countries achieve development.

The WB said that the amount could be reached after a group of developed countries promised to increase their contribution.

According to a note published on the WB's website, the entity has received 11 billion from 11 countries and, over time, the less could be multiplied to 70 billion over 10 years.

"We have worked hard to develop these new financial instruments that increase our lending capacity, multiply donor funds and ultimately allow us to improve the lives of more people," said Ajay Banga, President of the World Bank Group. "The generosity of these countries is a confirmation of the progress we have made in reforming the Bank and a sign of their shared commitment to development worldwide."

The amount granted by the 11 countries will be deposited in the Portfolio Guarantee Platform, a hybrid capital mechanism, and in the new Liveable Planet Fund.

Belgium, France, Japan and the United States have committed to the Portfolio Guarantee Platform, while Denmark, Germany, Italy, Latvia, the Netherlands, Norway and the United Kingdom have committed to hybrid capital.