The UK has committed £1.98 billion to the World Bank International Development Association (IDA), boosting support for 78 low-income countries.
This 40% increase from its previous contribution aims to drive sustainable growth, resilience, and progress in areas like education, health, and climate adaptation.
The United Kingdom has pledged £1.98 billion to the World Bank’s International Development Association (IDA) to support low-income countries.
This contribution marks a 40% increase from the UK’s previous £1.414 billion donation to IDA20.
This commitment reflects the UK’s drive to help countries achieve sustainable growth, reduce poverty, and improve resilience to crises.
The IDA provides concessional loans to 78 low-income countries, offering more favourable terms than commercial loans.
These funds support crucial projects such as climate adaptation, education, healthcare, gender equality, clean water, and infrastructure.
President of the World Bank Group, Ajay Banga, has praised the UK’s contribution, highlighting its significant impact.
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He explained that this funding would help countries address challenges like conflict, fragility, and climate change.
Furthermore, Banga stressed that strengthening the IDA is essential for ensuring a prosperous, stable, and resilient future for low-income nations.
Countries eligible for IDA loans have a Gross National Income (GNI) per capita of $1,145 or less.
For example, nations like Burundi, Chad, and Liberia in sub-Saharan Africa benefit from IDA funding.
Additionally, countries such as Nigeria and Kenya, classified as lower-middle-income, can access both IDA and International Bank for Reconstruction and Development (IBRD) loans.
Through this increased pledge, the UK solidifies its role in global development.
Ultimately, this funding ensures low-income nations have the financial resources necessary to stimulate economic growth and enhance resilience in the face of future challenges.
