Today, a coalition of development partners have mobilised $93 billion for the International Development Association (IDA) — the World Bank’s fund for the poorest countries — below the $100 billion requested by African Leaders.
Reflecting on the two-day meeting as it draws to a close, David McNair, Executive Director for Global Policy at ONE, said:
“This is so short-sighted. This failure to adequately fund IDA at a moment when we are facing one of the worst global crises of our times just doesn’t make sense. With so much at stake in the global race against the COVID-19 and the climate crisis, we needed ambition and boldness. Today we got neither. Just another own goal for western governments for which we will all pay the price. It’s now up to the World Bank and IDA countries to make sure these new resources are used faster and more aggressively to fight the pandemic.”
Notes to editors:
- Africa alone faces an external financing need of $285 billion between now and 2025, with the next IDA replenishment cycle taking place in three years’ time.
- Obtaining the remaining amount needed to meet the full $100 billion requested by African leaders will help support countries in the fight against the pandemic.
- This investment will also help ensure that the most vulnerable, particularly women and girls, can weather the crisis and build back stronger.
- The World Bank has a key role to play in helping IDA countries to respond and recover from the pandemic. Following today’s pledges, the Bank must work with IDA countries to ensure these resources are used effectively, transparently and deployed quickly.