Leaders from various Pacific Island nations have urged for a strong replenishment of the World Bank’s International Development Association (IDA21) in the upcoming round of funding. The IDA is known for providing critical grants and concessional financing to the most vulnerable populations, with the World Bank noting that it can effectively multiply each donor dollar fourfold to enhance impactful delivery.
This fund is replenished every three years, with donor countries scheduled to meet in South Korea this December to finalize the upcoming pledges. During a recent visit to the region, World Bank Group President Ajay Banga met with leaders from 11 Pacific countries, who emphasized the importance of IDA in bolstering development efforts and climate resilience across the islands.
Prime Minister of Tonga and chair of the Pacific Islands Forum Leaders’ Meeting, Hu‘akavemeiliku Siaosi Sovaleni, highlighted the tremendous potential for transformative change in the Pacific if IDA21 is adequately funded. He stated that with appropriate support, Pacific countries could create a resilient and prosperous future for generations.
The discussions included representatives from Fiji, the Federated States of Micronesia, Kiribati, Nauru, Papua New Guinea, the Republic of the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. Together, they explored how IDA21 can address the development priorities outlined in the Pacific Islands Forum’s 2050 Strategy for the Blue Pacific Continent.
In a joint statement, the leaders called for greater access to concessional financing and supported the World Bank Group’s goal of allocating 45 percent of its financing to climate-related initiatives. They also praised efforts to enhance the World Bank Group’s efficiency, enabling clients to access financing, guarantees, and necessary knowledge more easily.
Pacific Islands Forum Secretary-General Baron Waqa reiterated the call for donors to ensure a robust replenishment of IDA this year and expressed eagerness to strengthen the partnership with the World Bank Group to achieve mutual objectives.