Despite difficult economic circumstances in many countries, the global community agreed in December 2013 to accelerate the fight to end extreme poverty through a record financing commitment for the International Development Association (IDA). This is testament to our development partners’ belief that an investment in the future of the poorest countries is an investment in the future of all countries.
The record outcome for the IDA17 replenishment reflects the substantial joint efforts of nearly 50 traditional, emerging, and new partners to stretch their contributions (as of Jan. 19, 2016). G7 countries accounted for 68 percent of grant equivalent contributions. Contributions from first-time contributors and from former IDA borrowing countries provided a welcome addition to the overall financing pool.
These contributions underscore the increasing role emerging and middle-income economies are playing in the development of poorer countries.
As in past replenishments, the World Bank Group contributed its own resources to IDA, with IBRD and IFC providing close to $3 billion. The replenishment also included contributions by IDA client countries and graduates through credit reflows, hardening of terms, and credit repayment accelerations.