World Bank President Paul Wolfowitz said on Thursday that he believed large progress was being made to finally reach an agreement that would provide more than 40 billion dollars in debt relief to the world's poorest countries.

Speaking at a press conference introducing the annual meeting of the World Bank and the International Monetary Fund (IMF) this weekend, Wolfowitz conceded that it would be a challenge to win endorsement from all countries for the agreement which was struck by the seven richest countries at their annual economic summit held in Britain in July.

The debt relief would forgive about 40 billion dollars in debt owed by the world's poorest countries, many of which in Africa, to the World Bank, the IMF and other international financing institutions.

"We are here at a very important moment in the history of fight to eradicate poverty and create opportunity," the president said.

"One of the regions where we most need to succeed is Africa, " the World Bank chief said, "because it's the one huge area of the world that has been falling behind in an era when other parts of the developing world have been making stunning progress, for example in China and India."

Wolfowitz said that he was acutely aware of the challenges Africa faces but also believes that Africa can enter a new era and can become a Continent of Hope.

It is hoped that the World Bank and the IMF will endorse the debt-relief agreement at their annual meetings this weekend.

Source: Xinhua