Ireland has announced an increase of 33 percent in its contribution to the International Development Association (IDA), pledging €141.4 million. This decision underscores Ireland's commitment to enhancing the quality of life in some of the world's poorest countries.
The IDA, part of the World Bank, supports 78 low-income countries by funding projects aimed at economic growth, resilience, and creating opportunities. Ireland's latest pledge was made public during the World Bank-IMF Spring Meetings.
"IDA exemplifies what can be accomplished through coordinated global cooperation, and we take pride in financing this vital work across low-income countries. Ireland is deeply committed to development that leaves no one behind, especially amid global challenges," stated Paschal Donohoe, Ireland's Minister of Finance.
Ajay Banga, President of the World Bank Group, commented on Ireland's increased contribution, emphasizing, "IDA invests in people’s lives and futures by helping countries build the fundamentals of development—including clean air and water, energy and infrastructure, and healthcare. These are the building blocks for creating jobs and lifting people out of poverty. Ireland’s support strengthens this mission and expands its impact."
The IDA's 21st replenishment concluded in December, resulting in a funding package of up to $100 billion for various developmental initiatives. Its scope includes job creation, pandemic response, women's economic empowerment, and more.