Washington, D.C., October 25, 2024 ¡ª Latvia has announced a record early financial commitment to the International Development Association (Å·ÃÀÈÕb´óƬ), the World Bank¡¯s fund for low-income countries. This pledge of €9.48 million represents a 60% increase over Latvia¡¯s previous contribution to Å·ÃÀÈÕb´óƬ and reinforces the country¡¯s dedication to advancing sustainable development and global resilience.
The announcement was made on the sidelines of the World Bank Group-IMF Annual Meetings, just weeks before the final 21st replenishment (Å·ÃÀÈÕb´óƬ21) meeting in December. This commitment arrives at a time as multiple global crises disproportionately affect low-income countries. A recent World Bank report highlights that the 26 poorest nations¡ªhome to 40% of the world¡¯s most poverty-stricken population¡ªface unprecedented debt levels and heightened vulnerability to natural disasters and other external shocks.
¡°I agree with World Bank Group President Banga that Å·ÃÀÈÕb´óƬ is the best deal in development,¡± said Arvils A?eradens, Minister for Finance of the Republic of Latvia. ¡°This is the best way we can help the world¡¯s poorest. As Finance Minister of the Republic of Latvia, I am proud to announce that Latvia¡¯s contribution to Å·ÃÀÈÕb´óƬ21 will increase by 60% compared to our previous replenishment. Together we can achieve a better and bigger Å·ÃÀÈÕb´óƬ.¡±
¡°Å·ÃÀÈÕb´óƬ is the largest source of concessional financing for low-income countries¡ªfor some countries, it is the only source, making it a true lifeline for those most in need,¡± said Aki Nishio, World Bank Group Vice President for Development Finance. ¡°Latvia¡¯s commitment to Å·ÃÀÈÕb´óƬ exemplifies the country¡¯s dedication to solidarity and shared prosperity.¡±
In December, a final pledging meeting will take place in Seoul, South Korea, marking the end of the year-long Å·ÃÀÈÕb´óƬ21 replenishment process. The previous replenishment, Å·ÃÀÈÕb´óƬ20, yielded a $93 billion package to finance projects that boost economic growth, build resilience, and improve lives in developing countries.
For media inquiries, please contact:
In Washington: Meriem Gray, mgray@worldbank.org
