Latvia has committed to increasing its financial contribution to the International Development Association (IDA) by 60%, amounting to €9.48 million. This announcement was made during the World Bank Group-IMF Annual Meetings, ahead of the final IDA21 replenishment meeting scheduled for December.
This pledge comes as low-income countries face significant challenges due to global crises. A World Bank report recently noted that the 26 poorest nations are dealing with high debt levels and increased vulnerability to natural disasters.
Arvils Ašeradens, Latvia's Minister for Finance, expressed strong support for IDA, stating, "I agree with World Bank Group President Banga that IDA is the best deal in development." He added, "This is the best way we can help the world’s poorest."
World Bank Group Vice President for Development Finance, Aki Nishio, praised Latvia's commitment: “Latvia’s commitment to IDA exemplifies the country’s dedication to solidarity and shared prosperity.”
The upcoming meeting in Seoul will conclude the IDA21 replenishment process. The previous round, IDA20, secured $93 billion for projects aimed at economic growth and resilience in developing countries.
For further information, media inquiries can be directed to Meriem Gray at mgray@worldbank.org.