The International Development Association (IDA) has announced a significant achievement with the successful completion of its 21st replenishment, securing $23.7 billion in donor contributions. This milestone was shared by Axel van Trotsenburg during the IDA 21 Fifth Replenishment Meeting on December 6, 2024.
In his remarks, van Trotsenburg highlighted the global challenges faced over the past year, including economic uncertainty and climate shocks. Despite these hurdles, he emphasized a "collective effort" to support the world's most vulnerable populations.
"We enormously appreciate these donor contributions, against a backdrop of fiscal challenges and depreciations," van Trotsenburg stated. The funds raised will be leveraged through IDA's unique model to generate a total of $100 billion in financing, marking it as the largest replenishment in IDA's history.
This financial boost is set to benefit 78 countries by investing in crucial areas such as health, education, infrastructure, and climate resilience. Van Trotsenburg noted that these investments aim to "help stabilize economies, create jobs, and build the foundation for a better future."
The replenishment process showcased international cooperation and multilateralism with a focus on development. Van Trotsenburg expressed gratitude towards both donors and beneficiary countries for their role in shaping this comprehensive package aimed at addressing national and global challenges like climate change.
With over 70% of IDA21 resources allocated to Africa, additional support from private sector arms like the International Finance Corporation and MIGA will further enhance private sector development efforts globally.
Van Trotsenburg concluded by emphasizing the World Bank Group's commitment to working diligently with beneficiary countries and partners to maximize impact. He called for continued collaboration to empower nations and build opportunities for all individuals worldwide.