World Bank raises record $75bn to help poorest members

Fund will include money raised on world capital markets for first time, along with contributions from 47 countries

The World Bank has pledged to step up the fight against extreme poverty after announcing that tough negotiations with rich countries have left it with a record $75bn (60bn) for grants and soft loans to its poorest members over the next three years.

Despite budgetary pressures caused by slow growth and austerity, the Washington-based institution said 47 countries had agreed to make donations to the International Development Association - its fund for providing assistance to the least-developed nations.