The World Bank has secured $24 billion in donor contributions for the International Development Association (IDA), its concessional lending arm.
This marks a record achievement, surpassing the $23.5 billion raised in the previous funding round and leveraging $100 billion in financing to support the world’s poorest nations.
World Bank President, Ajay Banga, announced that the funds will benefit 78 low-income countries, enabling investments in key sectors such as healthcare, education, infrastructure, and climate resilience.
He described it as the largest replenishment in IDA’s history, highlighting its importance in addressing pressing global challenges.
The IDA’s leveraging model allows donor funds to generate significant financing for economic stabilisation and job creation.
Since its establishment 60 years ago, the IDA has mobilised $270 billion, with $179 billion allocated to African nations.
These funds have been instrumental in climate adaptation projects, improving access to clean water, electricity, and providing healthcare to over 900 million people globally.
Banga stressed the need for job creation, pointing out that nearly 800 million young people are at risk of unemployment, particularly in nations with limited fiscal resources.
He reaffirmed IDA’s commitment to fostering economic growth, societal stability, and infrastructure development.
