UK Boosts World Bank Funding by 40% to Support Low-Income Countries’ Sustainable Development
UK Increases Contribution to World Bank‘s IDA
On 29 November 2024, the United Kingdom announced a 40% increase in its contribution to the World Bank’s International Development Association (IDA). The donation will rise from 1.414 billion GBP in IDA20 to 1.98 billion GBP in IDA21. This decision reflects the UK’s dedication to helping low-income countries achieve sustainable growth and reduce poverty.
The IDA is the World Bank’s fund for 78 low-income countries. It serves as their main source of multilateral development finance. The IDA provides concessional financing for projects aimed at economic growth, improving living conditions, and enhancing resilience to crises in these nations. This increase comes at a crucial time, as global challenges heavily affect low-income countries.
The IDA supports various development activities, including:
- Climate adaptation
- Resilience-building amid conflict
- Primary education
- Basic health services
- Gender equality
- Clean water and sanitation
- Agriculture
- Infrastructure
- Sustainable debt management
These initiatives promote equality and economic growth.
Ajay Banga, President of the World Bank Group, stated, “This contribution from the UK is significant in both its generosity and the impact it will have. Investing in IDA’s long-term development solutions are some of our best defenses against conflict and climate shocks.”
For media inquiries, contact:
- Meriem Gray, Washington: mgray@worldbank.org, +1202-294-9606
- Oliver Mann, London: omann@worldbankgroup.org
For more information, visit: IDA21 Replenishments
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