THE World Bank announced profits of $1.187 billion (£737 million) yesterday in its latest fiscal year and said $500 million from that may go to debt relief for the world's poorest countries.

The sum of "500 million (dollars) is being earmarked for a trust fund that would extend debt relief to the highly indebted poorest countries when other creditor ... countries agree to meet their share of the costs of funding this debt relief initiative" the bank said in a statement.

Some 600 million dollars will be transferred to the International Development Association, which makes loans "on concessional terms to the poorest countries."