Spain has announced a financial commitment of €400 million to the International Development Association (IDA), marking a 37% increase from its previous contribution. This decision was revealed during the World Bank Group-IMF Annual Meetings, ahead of the final IDA21 replenishment meeting scheduled for December. The announcement comes amid global challenges that heavily impact low-income countries.
Carlos Cuerpo, Spain’s Minister of Economy, Trade and Business, stated, “This is an important step that we hope others can follow to bolster much-needed financing to fight poverty and inequality.” He emphasized Spain's dedication to sustainable development goals and IDA's role in addressing these issues.
Ajay Banga, President of the World Bank Group, commented on Spain’s pledge: “IDA is a critical partner for the countries most in need, wielding powerful weapons against poverty: affordable financing and development knowledge.” He noted that Spain’s contribution would support IDA's efforts in fostering stability and economic opportunities.
Earlier this year, Spain introduced contingency clauses in its official loans to aid vulnerable economies. These clauses allow countries to defer debt payments during crises such as natural disasters or health emergencies. Cuerpo encouraged other developed nations to adopt similar measures before the United Nations’ 4th International Financing for Development Conference next year in Seville.
The ongoing IDA21 replenishment process will conclude with a pledging meeting in Seoul this December. The prior cycle, IDA20, secured $93 billion for projects aimed at promoting growth and resilience in developing regions.
For further information or media inquiries:
- In Washington: Meriem Gray (mgray@worlbank.org), Laure Lepastier (llepastier@worldbankgroup.org)
- Alonso Soto (alonso.soto@economia.gob.es)
More details are available at https://ida.worldbank.org/en/replenishments/road-to-IDA21