Denmark has announced a significant increase in its financial commitment to the World Bank’s International Development Association (IDA). The pledge of DKK 3,300 million marks a 40% increase compared to the previous IDA replenishment cycle.
The announcement was made ahead of the final 21st replenishment (IDA21) meeting scheduled for December. This move highlights Denmark's dedication to eradicating poverty, promoting sustainable development and climate action, and addressing global challenges. It also responds to calls from African Heads of States for an ambitious replenishment.
“We all want a more prosperous and equitable world. This financial commitment signifies Denmark's resolve and dedication in achieving the Sustainable Development Goals and the Paris Climate Agreement. I am proud to answer the call from our African partners for more funding,” said Mette Frederiksen, Prime Minister of Denmark. “We urge other countries to join forces with us. To act and make the necessary investments. Only together, can we tackle the most pressing development and climate challenges facing the world today.”
Ajay Banga 14th President of the World Bank Group
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Ajay Banga, President of the World Bank Group, added: “The magic of IDA is not only the lifeline it offers to these countries but its unique capacity to multiply every donor dollar four times. It’s the best deal in development. This commitment from Denmark will have a tangible impact on people’s lives.”
IDA’s resources are replenished every three years, with IDA21 culminating in a final pledging meeting in Seoul, Korea on December 5-6, 2024. The last replenishment yielded a $93 billion package aimed at financing projects that boost economic growth, build resilience, and improve lives across various countries.