UK commits additional funds to World Bank’s IDA

The United Kingdom (UK) has committed to a 40 per cent increase in its contribution to the World Bank’s International Development Association (IDA), raising its pledge from £1.414 billion in IDA20 to £1.98 billion for IDA21.

This enhanced commitment underscores the UK’s dedication to supporting sustainable growth, poverty reduction, and crisis resilience in low-income countries.

The IDA, the World Bank’s primary fund for 78 of the world’s poorest countries, provides concessional financing for projects that drive economic development, enhance resilience, and improve living standards.

The UK’s pledge comes as global crises, including climate change and conflict, disproportionately affect these vulnerable nations.

The IDA supports initiatives ranging from climate adaptation and disaster resilience to primary education, gender equality, clean water, and sustainable agriculture. These investments aim to foster equality and long-term economic growth.

Ajay Banga, President of the World Bank Group, praised the UK’s significant contribution, calling it a crucial step in bolstering the IDA’s capacity to help countries facing economic and environmental challenges.

“Investing in IDA’s long-term, inclusive, and proven development solutions are some of the best defences we have against conflict, fragility, and climate shocks,” Banga stated. “A stronger IDA secures a more prosperous, stable, and resilient future for low-income countries.”

Attribution: the World Bank

Subediting: M. S. Salama