IDA21 raises $23.7bn to generate $100bn for health, infrastructure & climate resilience

The IDA21 replenishment, held in Seoul, Korea in 2024, has set a groundbreaking milestone by raising $23.7 billion in donor contributions, the largest in its history. This significant funding will be utilized to generate a remarkable $100 billion in financing for health, education, infrastructure, and climate resilience across 78 countries that are most in need. Axel van Trotsenburg, the Senior Managing Director of the World Bank, highlighted the impact of this ambitious package on helping nations achieve their development goals and create opportunities for prosperity amid ongoing economic challenges and rising debt levels. Amidst rising debt levels, climate shocks, and a pressing need for human development, a remarkable global effort has emerged. This collective endeavor, fueled by the shared belief in doing better for the world's most vulnerable populations, marks a pivotal moment in international development. Following extensive negotiations, partnerships, and unwavering commitment, the IDA21 replenishment has successfully secured nearly $24 billion in donor contributions, specifically $23.7 billion, showcasing an immense feat amidst significant fiscal challenges. Expressing gratitude towards the generous donor contributions, the IDA21 replenishment has magnified its impact through a unique leveraging model, turning the $23.7 billion into a substantial $100 billion in financing. This historic achievement will facilitate investments in crucial sectors like health, education, infrastructure, and climate resilience, fostering economic stability, job creation, and a path towards a brighter future for the 78 countries in greatest need. The essence of this monumental funding extends beyond monetary value; it embodies a spirit of solidarity, cooperation, and a steadfast commitment to centering the impoverished and vulnerable in global efforts. Through partnerships with beneficiary countries and the international community, the IDA21 aims to align resources and expertise to drive positive development outcomes. The negotiated package emphasizes a people-centered approach, addressing complex development challenges at both national and global levels, particularly focusing on issues like climate change and bolstering support for fragile and overlooked nations. With Africa set to receive over 70% of the IDA21 resources, the World Bank Group's ambition is further bolstered by additional resources from its private sector arms, the International Finance Corporation, and MIGA. This collaborative effort aims to amplify private sector development, spur job creation, and catalyze sustainable growth. Boasting internal reforms geared towards efficiency and impact, the World Bank Group is poised to implement the IDA21 package diligently and ambitiously, ensuring significant socio-economic transformation in the regions it serves. While today's achievement signifies a pivotal moment, it also serves as a call to action for continued collaboration, investment in innovative solutions, and empowerment of nations towards a more inclusive and prosperous future. The success of the IDA21 replenishment underscores the potency of collective action in driving unprecedented results, inspiring a shared commitment to building a world where every individual, regardless of their origin, can thrive.