Czech government approves funds for lowering debt of developing world

On Wednesday the Czech government approved over 441 million crowns ($20 million USD) to be put towards lowering the developing world's debt. Foreign Minister Cyril Svoboda made the announcement, saying that the money will be made available between 2007 and 2044, as part of the Multilateral Initiative for a Debt-free Developing World. The international project is coordinated by the Association for Development, which is an economic body that belongs to the World Bank group and runs projects targeting education and health issues in the developing world. Over 81 countries currently access monies from this fund.