Donors are preparing to announce their pledges for the International Development Association's (IDA) 21st replenishment cycle in Seoul, Korea in December 2024. This meeting is a crucial opportunity to increase commitments and reorient the world towards eradicating poverty on a habitable planet. The IDA, known as the world's largest global solidarity fund for the poor, assists countries in planning their own future.
The Republic of Korea's transition from poverty to prosperity serves as a compelling testament to IDA's impact. In merely six decades, Korea has evolved from being one of the world's poorest nations to becoming a global powerhouse—with its GDP per capita soaring from just $158 in 1960 to $32,254 in 2022. By 1977, within a decade, Korea had graduated from IDA and had become an IDA contributor. The initial support from IDA played a pivotal role in propelling the country's swift transformation into a global innovation and technology titan.
As an IDA donor, Korea has been instrumental in supporting development across East Asia and the Pacific Islands. Over the past decade, its Ministry of Economy and Finance has collaborated closely with the World Bank in implementing two significant initiatives: the Korea World Bank Partnership Facility (KWPF), which is the country’s premier trust fund for official development assistance; and the Korea Green Growth Trust Fund (KGGTF), which fosters sustainable growth strategies and investments.
Today, Korea collaborates with IDA to promote development by leveraging its funds, knowledge, and expertise to enable developing countries to learn from its experience. Until the end of 2023, Korea contributed nearly $1 billion to the Trust Funds of World Bank Group and $3.2 billion to IDA.
Further details regarding this meeting including specific dates in December will be announced at a later date.
For further information:
In Washington: Meriem Gray can be reached at mgray@worldbank.org
In Seoul: Kevin Yunil Kim can be reached at ykim20@worldbank.org
About IDA:
IDA's grants and low-interest loans assist countries in investing in their futures, improving lives, and creating safer, more prosperous communities worldwide—this is development for all.