He also praised the Congress for approving additional funds for the World Bank's International Development Association, which lends at concessional rates to the world's poorest countries, and for other international financial institutions. Thanks to the leadership of President Clinton, this initiative will help give a fresh start to poor countries throughout Africa and Latin America, enabling them to translate old debts into new opportunities through education, health care, and other investments necessary to spur economic growth and reduce poverty.
Debt relief is both a moral and a financial imperative.
I would like to congratulate and thank the unique coalition of members of congress from both sides of the aisle, the diverse group of religious leaders, humanitarian agencies, and business groups that worked so hard to make this initiative a reality. I am also pleased that Congress provided substantial funding for the World Bank's International Development Association and other multilateral development institutions. These organizations are at the core of international efforts to reduce global poverty by assisting countries to address their enormous development challenges and improve basic social services. Finally, I welcome the Congress' support of the Global Environment Facility that provides assistance to address cross-border environmental challenges in developing countries.