More than $700 million have been set aside for women's and children's health needs in poor countries over the next two years, World Bank President Jim Yong Kim said.
Speaking at the United Nations, Kim said the money was to help developing countries meet the targets of the Millennium Development Goals, by focusing programs on achieving results rather than just the gross deployment of resources.
"We need to inject greater urgency into our collective efforts to save more women and children's lives, and evidence shows that results-based financing has significant impact," Kim said, according to his prepared remarks.
The new funding comes from the World Bank's International Development Association, and adds to $600 million pledged for IDA programs related to the millennium goals in 2010.
The bank said its approach has fostered concrete results in reducing maternal and infant mortality and in expanding health care access.
For instance, it said, its approach enabled sharp gains in just one year in Burundi: births at health facilities increased 25 percent, prenatal consultations rose 20 percent, and the number of children fully vaccinated increased by 10 percent.
Kim was speaking at a meeting of international political, business and development-focused leaders on how to achieve the anti-poverty Millennium Development Goals with just over two years to go before the target date.
The goals, established in 2000, lay out tough targets for reducing poverty and hunger, improving education, and improving health and health care for the world's most impoverished.