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Seventeen donor countries increased their pledges by 25%, measured in their own currencies, over the previous round, the bank said. Ten increased by 40% or more.
The World Bank received pledges to deploy a record of USD 100 billion via its unit focused on low-interest loans and grants to the poorest nations.
The total figure to fund its International Development Association, whose resources must be replenished every few years, builds on pledges from donor countries announced this week totalling USD 24 billion, the bank said in a statement. The figure is the culmination over the last year of President Ajay Banga’s drive to break the last funding round record, of USD 93 billion built off USD 23.5 in donations in 2021.
The effort had been challenged by stretched financing among most countries, which had been battered by the pandemic and buffering their countries from the global inflation spike, as well as a stronger dollar.
Seventeen donor countries increased their pledges by 25%, measured in their own currencies, over the previous round, the bank said. Ten increased by 40% or more. Based on IDA’s model and borrowing ability, donations get leveraged about three-and-a-half to four times.
Pakistan, Bangladesh, Tanzania, and Kenya were among the largest borrowers from IDA in the 2023 fiscal year, all receiving more than USD 2 billion of the USD 34 billion in total commitments.
Over the past decade, the association has deployed USD 270 billion, with about two-thirds directed to Africa. That has helped extend health services to 900 million people, connect 117 million people to reliable electricity, and gain access to clean water for 94 million people, according to the World Bank.
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Banga, who took the helm in June 2023, has pledged to make the institution faster, and more efficient, and mobilize capital from the private sector to magnify the impact of its
