It warned that ‘poor education quality’ would hinder efforts to end extreme poverty by 2030 and said that the extra funds would help boost accountability, attract resources and accelerate progress towards the new global goal of learning for all.

Announcing the decision today, on the eve of the World Education Forum, the bank said it was committed to doubling its results-based financing to ensure the poorest children across the world received a better education.

Over the past five years the bank has increasingly tied education financing to the achievement of pre-agreed results. It said it wanted the remaining 121 million children around the world who are not in primary and lower education back in school to ensure they are learning the literacy, maths, and other skills needed to escape extreme poverty.

The target, expected to be rolled-out over the next decade and a half, is part of the United Nations post-2015 sustainable development goals (SDGs), which aims to build on the progress made through the Millennium Development Goals.

Speaking ahead of the forum that will see more than 160 countries meet in Korea this week to discuss on a new goal and framework for action on education over the next 15 years, World Bank president Jim Yong Kim said: ‘The truth is that most education systems are not serving the poorest children well.’

He said an estimated 250 million children are not able to read or write, despite them attending school.

‘This is a tragedy and has serious consequences for ending extreme poverty,’ Kim said.

‘With nearly a billion people remaining trapped in extreme poverty today, sustained efforts to improve learning for children will unlock huge amounts of human potential for years to come. Better results in classrooms will help end extreme poverty.’