The United Kingdom has announced a significant increase in its contribution to the World Bank's International Development Association (IDA), raising its pledge by 40% from 1.414 billion GBP in IDA20 to 1.98 billion GBP for IDA21. This decision highlights the UK's dedication to aiding low-income countries in achieving sustainable growth, reducing poverty, and building resilience against crises.
The IDA is a major financial resource for 78 low-income nations, offering concessional financing for projects that aim to enhance economic development, resilience, and living standards. The UK's increased contribution is seen as a strategic move to tackle global challenges affecting these countries. It comes at a crucial time when many low-income nations are disproportionately affected by global crises.
"Britain is back with a voice on the world stage," stated Anneliese Dodds, UK Minister for Development. "When we said we would take a new approach to development, built on genuine partnerships and based on respect, we meant it. Leaders of low-income countries around the world called for stronger IDA contributions and we listened."
Ajay Banga, President of the World Bank Group, remarked on the significance of the UK's contribution: “This contribution from the UK is significant in both its generosity and the impact it will have.”
The funds pledged by the UK will support various development activities under IDA’s umbrella, including climate adaptation, education, health services, gender equality initiatives, clean water access, agriculture improvements, infrastructure projects, and sustainable debt management.
For further information or media inquiries about this announcement:
- Contact Meriem Gray in Washington at mgray@worlbank.org or +1202-294-9606.
- Contact Oliver Mann in London at omann@worldbankgroup.org.
Additional details can be found on their official website: https://ida.worldbank.org/en/replenishments/road-to-IDA21
Social media updates are available via Facebook at https://www.facebook.com/IDA.WBG/ and Twitter @WBG_IDA.