Leaders from Pacific Island nations are urging for a strong replenishment of the World Bank’s International Development Association (IDA21) in the upcoming funding cycle. The IDA is renowned for its ability to provide crucial grants and concessional financing to those in need, effectively multiplying donor contributions fourfold to facilitate significant impact, according to the World Bank.
The replenishment occurs every three years, with donor countries scheduled to meet in South Korea this December to finalize pledges. During a recent visit to the region, World Bank Group President Ajay Banga engaged with leaders from 11 Pacific nations, reinforcing IDA’s vital support for development and climate resilience in the Islands.
Tongan Prime Minister Siaosi Sovaleni emphasized the immense potential for positive change if IDA21 succeeds, noting that with sufficient support, Pacific nations can foster a resilient future for generations. Leaders from Fiji, the Federated States of Micronesia, Kiribati, Nauru, Papua New Guinea, the Republic of the Marshall Islands, Samoa, the Solomon Islands, Tonga, Tuvalu, and Vanuatu discussed how IDA21 could align with their development priorities as outlined in the Pacific Islands Forum’s 2050 Strategy for the Blue Pacific Continent.
The joint statement made by the leaders called for enhanced access to concessional financing and supported the World Bank Group’s goal of directing 45% of its financing towards climate-related initiatives. They praised the ongoing efforts to make the World Bank Group more efficient, allowing clients simpler access to financing, guarantees, and resources.
Pacific Islands Forum Secretary-General Baron Waqa urged IDA donors to ensure a robust replenishment this year and expressed eagerness to strengthen the partnership with the World Bank Group to achieve common objectives.