The Republic of Korea has pledged a significant increase in its contribution to the World Bank's International Development Association (IDA) during the G20 Summit in Rio de Janeiro. The country announced a 45% rise from its previous contribution, committing KRW 846 billion for IDA21, compared to KRW 585 billion in IDA20.
"Drawing from Korea’s experience of transforming from poverty and hunger into a major economy, Korea will actively contribute to global efforts to overcome the challenges," stated Yoon Suk Yeol, President of the Republic of Korea. "Korea supports the vital role of IDA in assisting low-income countries to achieve sustainable development and build resilience against global challenges."
IDA is a critical financial source for 78 low-income countries, providing concessional financing for projects aimed at economic growth and improved living conditions. Korea's increased commitment comes amid global crises impacting low-income nations disproportionately.
Alongside this pledge, Korea will host the final IDA21 replenishment meeting in Seoul on December 5-6, 2024. This gathering will allow donor countries to finalize contributions and discuss future strategic directions for IDA's financing framework. High-level representatives from various nations and international organizations are expected to attend.
"Korea's journey from an IDA recipient to a leading donor is a compelling testament to progress, resilience, and global leadership," said Ajay Banga, President of the World Bank Group. "With this commitment, Korea not only sets the stage for a successful IDA summit but also sends a powerful message about the unparalleled impact of IDA in driving development."
IDA supports numerous development activities such as digital development, climate adaptation, primary education, health services, gender equality, clean water access, agriculture, infrastructure improvements, and sustainable debt management.
For media inquiries:
In Washington: Meriem Gray at mgray@worlbank.org or +1202-294-9606
In Sejong: Kwangsun Ahn at m14m14@korea.kr or +82-44-215-8713
Further information can be found on their website and social media platforms.