RIO DE JANEIRO, 18 November 2024 — In a significant move to bolster global development efforts, Norway has announced its early pledge to the International Development Association (IDA) during the 19th Heads of State and Government Summit of the Group of 20 (G20) taking place in Rio de Janeiro, Brazil. This pledge reflects Norway’s commitment to supporting low-income countries in their pursuit of poverty reduction, sustainable development and resilience against global challenges.
The Government of Norway has pledged to increase its contribution to the World Bank's IDA by 50% compared to its contribution to the previous IDA replenishment, reinforcing a longstanding dedication to global development and cooperation.
IDA, or the International Development Association, is the World Bank's fund for 78 low-income countries, by far their largest source of multilateral development finance. It provides concessional financing for projects that boost economic growth, build resilience, and improve people's lives across these countries—with more than two thirds of the financing going to low-income countries in Africa. Norway's IDA21 commitment of 5,024 million Norwegian kroner (NOK) over its budget for official development assistance (ODA), comes amid a period of compounding global crises that are disproportionately impacting low-income countries.
"With this increased pledge, Norway reaffirms its unwavering commitment to supporting food security, agricultural development, and access to sustainable energy in the world's poorest countries," said Jonas Gahr Store, Prime Minister of Norway. "These issues are critical to building resilience and creating opportunities that lift people out of poverty. IDA will also be instrumental in supporting low-income countries on climate adaptation and energy transition, and in providing energy access to 300 million people in Africa by 2030."
"Norway’s generosity sends a powerful signal to developed and developing nations about their steadfast dedication to global development,” said Ajay Banga, President of the World Bank Group. “IDA serves as a lifeline for the world’s most vulnerable communities, helping counties meet fundamental development needs from energy access to combating stunting through proper nutrition to establishing skilling centers – essential building blocks for creating jobs and fostering a thriving private sector."
IDA supports a range of development activities, like food security, climate adaptation, primary education, basic health services, gender equality, clean water and sanitation, agriculture, infrastructure, institutional reforms and sustainable debt management. These interventions pave the way toward equality and economic growth. Replenished every three years, IDA’s current round of negotiations is scheduled to conclude in December 2024 in a final pledging meeting in Seoul, Korea.
For media inquiries, please contact:
- In Washington, Meriem Gray, mgray@worlbank.org,
- In Rio/Oslo, Anne Kristin Hjukse, anne-kristin.hjukse@smk.dep.no
For more information, please visit: https://ida.worldbank.org/en/replenishments/road-to-IDA21
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Twitter: @WBG_IDA
