Denmark Increases Commitment to World Bank’s IDA by 40% Ahead of Key Replenishment Meeting

Prime Minister Mette Frederiksen emphasized the importance of this pledge ahead of the final IDA21 replenishment meeting in December, responding to calls from African Heads of State for increased funding.

Denmark has announced a significant increase in its financial commitment to the World Bank’s International Development Association (IDA), pledging DKK 3,300 million—representing a 40% increase from the previous replenishment cycle. This announcement underscores Denmark's dedication to global development and its commitment to eradicating poverty, promoting sustainable development, and addressing urgent climate challenges.

Prime Minister Mette Frederiksen emphasized the importance of this pledge ahead of the final IDA21 replenishment meeting in December, responding to calls from African Heads of State for increased funding. “This financial commitment reflects Denmark's resolve in achieving the Sustainable Development Goals and the Paris Climate Agreement,” she stated, urging other nations to collaborate in making essential investments.

Ajay Banga, President of the World Bank Group, highlighted the effectiveness of the IDA, noting that every donor dollar can leverage four times its value, ensuring a substantial impact on the lives of people in low-income countries. The IDA’s resources are replenished every three years, with the upcoming IDA21 meeting set for December 5-6, 2024, in Seoul, Korea. The previous replenishment yielded a $93 billion package aimed at fostering economic growth and resilience in developing countries.