The Government of Croatia has announced a substantial increase in its financial commitment to the International Development Association (IDA) for the 21st replenishment cycle, known as IDA21. The pledge will see a 115% rise, demonstrating Croatia's dedication to supporting low-income countries in their efforts towards sustainable development and poverty reduction.
This announcement precedes the final IDA21 replenishment meeting, which is set to take place on December 5-6, 2024, in Seoul, South Korea. The increased contribution highlights Croatia's acknowledgment of the urgent need for concessional financing amid global crises that disproportionately affect vulnerable populations.
Marko Primorac, Deputy Prime Minister and Minister of Finance of Croatia, remarked: “In these challenging times, it is imperative that we stand in solidarity with the world’s most disadvantaged communities. Our increased commitment to IDA21 is a testament to Croatia’s unwavering support for international development and our belief in the transformative power of collective action.”
The IDA plays an essential role by providing financial resources and expertise to the world's poorest nations. This enables them to address critical issues such as climate change, food security, and health crises. With this enhanced pledge, Croatia aims to contribute significantly to global efforts aimed at alleviating poverty and fostering resilience among low-income nations.
Stipe Župan, State Secretary at the Ministry of Finance of Croatia, stated: “This substantial increase in our pledge not only reflects our commitment to global development but also aligns with our national priorities of promoting sustainable economic growth and social equity. We encourage other nations to follow suit and increase their contributions to IDA21.”
Akihiko Nishio, Vice President for Development Finance at the World Bank commented: “Croatia's significant increase in its IDA21 pledge is a powerful demonstration of leadership in global solidarity. As we face unprecedented challenges, such commitments are vital for ensuring that the world’s poorest countries can access the resources they need to recover and thrive.”
The process of replenishing IDA21 is crucial for ensuring that low-income countries have access to necessary resources needed for navigating various challenges they encounter. Croatia’s early pledge serves as an invitation for other donor countries to enhance their commitments and support the important work carried out by IDA.