Leaders from various Pacific Island nations have emphasized the importance of a strong upcoming replenishment of the World Bank’s International Development Association (IDA21). This fund is essential for providing grants and low-interest loans to those most in need, with the ability to multiply every dollar donated fourfold to enhance significant impacts, according to a statement from the World Bank.
The IDA fund is renewed every three years, and in December, donor nations will convene in South Korea to finalize pledges for this cycle. During a recent visit to the region by World Bank Group President Ajay Banga, leaders from 11 Pacific countries underscored the vital role of IDA in aiding the islands in their efforts to enhance development and climate resilience.
Tonga’s Prime Minister Hu’akavemeiliku Siaosi Sovaleni, who also chairs the 53rd Pacific Islands Forum Leaders’ Meeting, expressed optimism regarding the potential of IDA21. He stated, “If IDA21 meets the mark, the potential for positive change in the Pacific is enormous. With the right support, Pacific nations can build a transformative and resilient Pasifiki, for a prosperous future now, for generations to come.”
Leaders and representatives from Fiji, Federated States of Micronesia, Kiribati, Nauru, Papua New Guinea, Republic of the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu engaged with Mr. Banga on how IDA21 could assist in fulfilling the development objectives outlined in the Pacific Islands Forum’s 2050 Strategy for the Blue Pacific Continent.
In a joint statement, these leaders called for enhanced access to concessional financing and supported the World Bank Group’s goal of directing 45 percent of its funding toward climate-related initiatives. They also praised the ongoing efforts to improve the World Bank Group, making it easier for clients to access financing, guarantees, and knowledge.
Pacific Islands Forum Secretary General Baron Waqa stated, “That is why we call on IDA donors to ensure a strong and robust replenishment for IDA this year. We look forward to strengthening our partnership with the World Bank Group and achieving our shared goals.”