An important milestone for global development was reached when the World Bank (WB) announced a record $100 billion replenishment of the International Development Association (IDA). In addition to this unprecedented funding, the World Bank is launching a more straightforward, expedited, and flexible IDA that will cut policy commitments and KPIs in half, allowing clients greater autonomy over their development and prioritization.
In an open letter to donors, clients, stakeholders, and partners, World Bank President Ajay Banga applauded the announcement, which marks the end of a year-long replenishment process. The letter presents a plan to produce revolutionary results using these improved resources.
Record finance: After leveraging, $100 billion in finance was obtained from the $23.7 billion pledged in IDA21.Donor Leadership: Ten donors boosted their promises by at least 40%, and 17 donors increased their donations by more than 25% in national currency.Streamlined Operations: IDA21 lowered the previous number in half, from 1,100 to 500, by drastically reducing policy requirements and getting rid of redundant metrics.Widespread Participation: 59 nations contributed money to IDA21.
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