Leaders from various Pacific Island nations have emphasized the need for a substantial replenishment of the World Bank’s International Development Association in its 21st cycle, known as IDA21. This fund is crucial for providing grants and affordable financing to the most disadvantaged regions, with the capability to multiply each donor dollar by four, enhancing the impact of support, as stated by the World Bank.
The replenishment occurs every three years, with donor nations scheduled to meet in South Korea this December to finalize funding commitments. During a recent visit to the Pacific, World Bank Group President Ajay Banga met with representatives from 11 Pacific countries. They reiterated the vital function of IDA in assisting these nations in advancing development and strengthening climate resilience.
Tonga’s Prime Minister Hu’akavemeiliku Siaosi Sovaleni, who chairs the 53rd Pacific Islands Forum Leaders’ Meeting, expressed that if IDA21 fulfills its objectives, it could lead to significant positive changes in the Pacific. He emphasized the potential to create a transformative and resilient Pacific for current and future generations with adequate support.
In discussions with Banga, leaders from Fiji, the Federated States of Micronesia, Kiribati, Nauru, Papua New Guinea, the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu explored how IDA21 could align with the development priorities set forth in the Pacific Islands Forum’s 2050 Strategy for the Blue Pacific Continent.
In a joint statement, the leaders requested greater access to concessional financing and endorsed the World Bank Group’s goal to allocate 45 percent of its funding to climate-related initiatives. They also praised ongoing reforms aimed at making the World Bank Group more efficient and accessible in terms of financing, guarantees, and expertise.
Pacific Islands Forum secretary general Baron Waqa called on IDA donors to commit to a robust replenishment process this year, expressing optimism about strengthening ties with the World Bank Group to accomplish mutual objectives.