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October 11, 2008—The World Bank Group today launched a financing facility to provide a simple, low cost way for developing countries to share their knowledge and expertise in overcoming poverty. The new South-South Experience Exchange Facility is a new multi donor trust fund that promotes the idea that the development successes in one country can pull people out of poverty in another. Seven donors – China, India, Mexico, Denmark, the Netherlands, Spain and the United Kingdom – have already pledged support to the trust fund. Total contributions are expected to be around $10 million over three years.
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