The Government of Poland has announced a significant increase in its contribution to the International Development Association (IDA), part of the World Bank. The pledge, which represents a 100% increase from previous contributions, amounts to 37 million euros and comes amid challenging times for low-income countries.
IDA supports 78 low-income nations by funding projects that aim to boost economic growth and resilience. According to a recent World Bank report, these countries are experiencing high levels of debt and increased vulnerability to natural disasters.
"Our increased pledge to IDA reflects a belief in the power of collective action for sustainable development and resilience," stated Andrzej Domański, Minister of Finance of Poland. He emphasized the urgent need for support in low-income countries during turbulent times.
Paweł Karbownik, Deputy Minister of Finance, highlighted the goals behind Poland's increased contribution: "One of the goals...is to address the sources of fragility and vulnerabilities in the world’s poorest countries." He noted that creating jobs is essential for these nations to break free from poverty cycles.
Akihiko Nishio, Vice President for Development Finance at the World Bank, praised Poland's decision: "This increase from Poland is a powerful statement of solidarity and commitment...to global progress."
IDA's projects cover various development activities including education, health services, clean water access, agriculture improvements, infrastructure enhancements, and institutional reforms. These efforts are crucial for fostering equality and economic growth.
The current round of IDA negotiations is expected to conclude in December 2024.