Record Funding for World's Poorest Countries Almost US$ 42 Billion for next three years
14 December 2007
Berlin, December 14, 2007 - Donor countries today pledged a record US$ 25.1 billion for the World Bank to help overcome poverty in the world's poorest countries. In total, the IDA15 replenishment will provide US$ 41.6 billion, an increase of US$ 9.5 billion over the previous replenishment (IDA14) which provided US$ 32.1 billion."This is the largest expansion in donor funding in IDA's history," World Bank Group President Robert B. Zoellick said of the 15th replenishment of the International Development Association (IDA15). "The donor community has demonstrated its full commitment to helping countries overcome poverty and achieve sustainable growth, especially in Africa." The record donor pledges for IDA15 represent a 42 percent increase from the previous replenishment. This is complemented by US$ 16.5 billion in internal financing from the World Bank Group and prior donor pledges for financing debt forgiveness. Zoellick praised and thanked donors for this unprecedented show of support. "These funds will ensure IDA can continue to serve the 2.5 billion people living in the poorest countries on five continents," he said. "This generous replenishment is both a strong recognition of the importance of multilateral aid and a vote of confidence in IDA as an effective platform for global development aid." IDA15 will support low-income countries by increasing its activities in combating climate change, facilitating regional integration and cooperation, boosting infrastructure investment and providing greater support to post-conflict countries, notably in Africa. A total of 45 countries made pledges to IDA's 15th replenishment, the highest number of donors in IDA's history. Six countries - China, Cyprus, Egypt, Estonia, Latvia and Lithuania, joined the list of donors. Some of the countries, such as Egypt and China, were once IDA borrowers. "We have been working hard to bring in more donors to IDA," said Zoellick. "Broadening the base will help us raise more funds and build a solid foundation for IDA moving forward."
