London, UK, 29 November 2024?¡ª The United Kingdom has announced a 40% increase in its contribution to the World Bank¡¯s International Development Association (IDA)¡ªfrom 1.414 billion GBP in IDA20 to 1.98 billion GBP in IDA21. The pledge reflects the UK¡¯s commitment to supporting low-income countries achieve sustainable growth, poverty reduction and resilience to crisis.
The International Development Association (IDA) is the World Bank's fund for 78 low-income countries, serving as their largest source of multilateral development finance. It offers concessional financing for projects that promote economic growth, enhance resilience, and improve living conditions in these countries. The UK's announcement represents a strategic and timely commitment to addressing global challenges at their root. It comes at a time when global crises are having a disproportionate impact on low-income nations. IDA supports a wide array of development activities¡ªincluding climate adaptation, resilience-building amid conflict and fragility, primary education, basic health services, gender equality, clean water and sanitation, agriculture, infrastructure, and sustainable debt management. These efforts pave the way for equality and economic growth.
"Britain is back with a voice on the world stage. When we said we would take a new approach to development, built on genuine partnerships and based on respect, we meant it," said Anneliese Dodds, UK Minister for Development. "Leaders of low-income countries around the world called for stronger IDA contributions and we listened. We listened because we understand that more growth in IDA countries means stronger global growth, which benefits all of us. This funding will unlock billions to support vital economic growth, changing and saving lives."
¡°This contribution from the UK is significant in both its generosity and the impact it will have¡±, said Ajay Banga, President of the World Bank Group. ¡°Investing in IDA¡¯s long-term, inclusive and proven development solutions are some of the best defenses we have against conflict, fragility and climate shocks. A stronger IDA secures a more prosperous, stable and resilient future for low-income countries, putting them on a path to economic growth.¡±
--
IDA supports a wide array of development activities, including digital development, climate adaptation, primary education, basic health services, gender equality, clean water and sanitation, agriculture, infrastructure, and sustainable debt management. These efforts pave the way for equality and economic growth.
For media inquiries, please contact:
In Washington, Meriem Gray, mgray@worlbank.org, +1202-294-9606
In London, Oliver Mann, omann@worldbankgroup.org
For more information, please visit:
Facebook:
Twitter: @WBG_IDA
