LONDON — The World Bank has surpassed its funding target by ensuring commitments of $82 billion for the International Development Association, despite a lower pledge from the United States.
The new commitments to the bank’s fund for low-income countries, announced in Stockholm on Friday, come from 52 countries, including six first-time donor governments. The countries collectively committed to raise $82 billion for IDA 19 — a record for the development finance institution and $7 billion more than it raised during the last IDA replenishment in 2016.
The IDA package represents $23.5 billion in new donor contributions, which the bank intends to leverage to reach $82 billion. Other pledges could still come in, the bank has said.
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About the author
Sophie Edwards
Sophie Edwards is a Devex Contributing Reporter covering global education, water and sanitation, and innovative financing, along with other topics. She has previously worked for NGOs, and the World Bank, and spent a number of years as a journalist for a regional newspaper in the U.K. She has a master's degree from the Institute of Development Studies and a bachelor's from Cambridge University.
