Finland will contribute EUR 107 million to the 21st replenishment of the International Development Association (IDA) to support the world's poorest countries, said the Ministry for Foreign Affairs in a press release on Friday. IDA is part of the World Bank.
The donor countries of the International Development Association (IDA) and representatives of the countries that receive funding from the organisation on Friday agreed on IDA’s replenishment for 2025–2028.
IDA provides concessional loans and grants to the poorest and most vulnerable countries in the world.
A total of 75 countries are currently eligible to receive IDA funding.
The upcoming replenishment period will focus on improving economic wellbeing, developing jobs and infrastructure and increasing people’s wellbeing in the developing countries and fragile countries.
Other areas of focus will be gender equality, climate and environmental issues.
The countries negotiated a financing package of about USD 100 billion, of which around USD 23,7 billion are contributions from donor countries and the rest are loan repayments from developing countries and market financing.
“Through IDA, we are helping to strengthen developing countries’ own domestic resource mobilisation and to channel private capital to development projects. Finland’s development policy priorities, including the rights of women and girls, education, digitalisation, climate action and the rights of persons with disabilities, are strongly present in IDA’s activities,” said Minister for Foreign Trade and Development Ville Tavio in the press release.
Donors meet every three years to agree on the replenishment of IDA resources. During the previous 2022–2025 replenishment round, Finland supported IDA by EUR 125 million.
In addition, in 2023, Finland granted EUR 92 million to the IDA Crisis Facility for the financing needs of Ukraine and other countries affected by Russia’s war of aggression.
EUR 12 million of the amount was allocated as a grant and EUR 80 million as a concessional loan.
- Finland
- €107m support
- IDA
Source: www.dailyfinland.fi
