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The World Bank has raised US$24 billion in donor contributions through the 21st replenishment of its International Development Association (IDA), targeting developmental support for member countries, including Zambia.
The funding, the largest in IDA’s history, is expected to leverage $100 billion in affordable financing for 78 of the world’s poorest nations.
World Bank Group president, Ajay Banga, announced the development on Wednesday, emphasising its role in addressing critical issues such as health, education, infrastructure, and climate resilience while fostering economic stability and job creation.
“IDA has become the largest provider of concessional climate financing, investing $85 billion globally over the past decade, with more than half allocated to climate adaptation,” Banga said.
Despite these accomplishments, Banga highlighted ongoing challenges, particularly the fiscal constraints faced by many IDA-served countries.
He noted that IDA’s concessional financing often represented the only viable investment source for job-creating sectors, especially as 1.2 billion young people prepare to enter a workforce projected to create only 420 million jobs.
“Jobs remain the most enduring solution to poverty. They bring dignity, empower women, inspire hope among youth, and strengthen communities. Ensuring job creation is an explicit aim of our projects is critical to tackling unemployment and fostering societal stability,” he stated.
The replenishment may mark a significant step in the World Bank’s commitment to supporting vulnerable nations in navigating global uncertainties and unlocking their potential.
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