Ireland has bolstered its contribution to the International Development Association (IDA) by 33%, committing €141.4 million to support the world's poorest countries. The announcement was made during the World Bank-IMF Spring Meetings.
The IDA, a World Bank fund for low-income nations, aids 78 countries with projects aimed at economic growth, resilience building, and opportunity creation. This new pledge forms part of the IDA's 21st replenishment effort.
Minister of Finance of Ireland, Paschal Donohoe, commented that “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.”
Ajay Banga, President of the World Bank Group, highlighted the role of IDA, noting that “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.”
Concluding in December, IDA's 21st replenishment secured a package of up to $100 billion for development activities such as job creation, pandemic preparedness, and women's economic empowerment.
For further inquiries, contacts are available in Washington and London through Meriem Gray and Oliver Mann, respectively. More information about the IDA is accessible online.