A global coalition of development partners announced today their commitment to maintain momentum in the fight against extreme poverty, with $82 billion for the International Development Association (IDA), the World Bank’s fund for the poorest.
The financing, which includes more than $53 billion for Africa, will help countries invest in the needs of their people, boost economic growth, and bolster resilience to climate shocks and natural disasters.
“Today’s commitment by our partners is a strong sign of their support for the urgent mission to end extreme poverty and promote shared prosperity in the poorest and most vulnerable countries,” said World Bank Group President David Malpass. “We are grateful for their continued trust in IDA and its ability to deliver good development outcomes for people most in need.”
Two thirds of the world’s poor—almost 500 million people—now live in countries supported by IDA. The funding will allow IDA to reinforce its support to job creation and economic transformation, good governance, and accountable institutions. It will also help countries deal with the challenges posed by climate change, gender inequality, and situations of fragility, conflict, and violence, including in the Sahel, the Lake Chad region, and the Horn of Africa.
IDA will renew its support to facilitate growth and regional integration, including investments in quality infrastructure. The IDA Private Sector Window will continue enabling the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to mobilize private sector investment in challenging environments, a critical component to meet the scale of financing needed in developing countries.