World Bank unveils $100 billion IDA replenishment

The World Bank (WB) unveiled a record $100 billion replenishment of the International Development Association (IDA), marking a significant moment for global development. Alongside this record-breaking financing, the World Bank is introducing a simpler, faster, and more agile IDA, reducing policy commitments and metrics by half, giving clients more freedom to prioritise and shape their development.

The announcement concludes a year-long replenishment effort, celebrated in an open letter from World Bank President Ajay Banga to donors, clients, stakeholders, and partners. The letter outlines a vision for leveraging these enhanced resources to drive transformative outcomes.

Record Financing: A total of $23.7 billion was pledged in IDA21; resulting in $100 billion in financing after leveraging.Donor Leadership: 17 donors increased their contributions by more than 25% in national currency, with 10 donors raising their commitments by 40% or more.Streamlined Operations: IDA21 significantly reduced policy requirements and eliminated duplicative metrics, cutting the previous number in half from 1,100 to 500.Broad Participation: 59 countries made financial commitments to IDA21.

The record IDA replenishment demonstrates the global community’s unwavering dedication to addressing poverty and fostering resilience in low-income countries. It underscores the World Bank Group’s commitment to delivering solutions that create opportunities and improve lives for millions worldwide.

WAM