Norway has announced an early pledge to the International Development Association (IDA) during the G20 Summit in Rio de Janeiro. This move underscores Norway's commitment to aiding low-income countries in poverty reduction and sustainable development.
The Norwegian government plans to increase its contribution to IDA by 50% compared to the previous replenishment, highlighting its dedication to global cooperation. The IDA is a World Bank fund that supports 78 low-income countries, with a significant portion of financing directed towards African nations.
Norway's commitment amounts to 5,024 million Norwegian kroner (NOK) over its official development assistance budget. Prime Minister Jonas Gahr Store stated, "With this increased pledge, Norway reaffirms its unwavering commitment to supporting food security, agricultural development, and access to sustainable energy in the world's poorest countries."
Ajay Banga, President of the World Bank Group, commented on Norway’s pledge: "Norway’s generosity sends a powerful signal to developed and developing nations about their steadfast dedication to global development.”
IDA supports various activities including food security, climate adaptation, education, health services, gender equality, and infrastructure. These efforts aim at fostering economic growth and equality. The current round of IDA negotiations will conclude in December 2024 in Seoul.
For media inquiries:
- In Washington: Meriem Gray at mgray@worlbank.org
- In Rio/Oslo: Anne Kristin Hjukse at anne-kristin.hjukse@smk.dep.no
More information can be found at https://ida.worldbank.org/en/replenishments/road-to-IDA21