London, UK, 29 November 2024 - The United Kingdom has announced a 40% increase in its contribution to the World Bank's International Development Association (IDA)-from 1.414 billion GBP in IDA20 and to GBP 1.98 billion GBP in IDA21. The pledge reflects the UK's commitment to supporting low-income countries achieve sustainable growth, poverty reduction and resilience to crisis.
The International Development Association (IDA) is the World Bank's fund for 78 low-income countries, serving as their largest source of multilateral development finance. It offers concessional financing for projects that promote economic growth, enhance resilience, and improve living conditions in these countries. The UK'sannouncement represents a strategic and timely commitment to addressing global challenges at their root. It comes at a time when global crises are having a disproportionate impact on low-income nations.
IDA supports a wide array of development activities-including climate adaptation, resilience-building amid conflict and fragility, primary education, basic health services, gender equality, clean water and sanitation, agriculture, infrastructure, and sustainable debt management. These efforts pave the way for equality and economic growth.
"This contribution from the UK is significant in both its generosity and the impact it will have", said Ajay Banga, President of the World Bank Group. "Investing in IDA's long-term, inclusive and proven development solutions are some of the best defenses we have against conflict, fragility and climate shocks. A stronger IDA secures a more prosperous, stable and resilient future for low-income countries, putting them on a path to economic growth."
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IDA supports a wide array of development activities, including digital development, climate adaptation, primary education, basic health services, gender equality, clean water and sanitation, agriculture, infrastructure, and sustainable debt management. These efforts pave the way for equality and economic growth.
