Sweden contributes record financial support for the world’s poorest countries
The Government today decided to contribute SEK 9.2 billion in financial support to the World Bank Group’s International Development Association.
“Sweden is now providing a record contribution of SEK 9.2 billion to the International Development Association (IDA) when the needs are greatest, and more than 100 million people have fallen into extreme poverty during the pandemic,” says Minister for International Development Cooperation Matilda Ernkrans.
Sweden is the eighth largest donor to the IDA and has played a significant role in shaping the work programme for the coming three years. More than one third of the funds will be dedicated to climate measures, and the priority will be on enhancing crisis preparedness and resilience ahead of future crises, such as climate-related disasters, hunger and pandemics. This replenishment also ensures that the World Bank can remain a central actor in helping developing countries meet the long-terms goals of the 2030 Agenda and the Paris Agreement.
“The financial support through the IDA is key to addressing the many parallel global crises that are hitting the world’s poorest the hardest, including climate change, war and conflicts, increased burden of debt and the global food security crisis,” says Ms Ernkrans.
The World Bank Group’s International Development Association
The World Bank Group’s International Development Association is the single largest global fund for multilateral financial support to the world’s 74 poorest countries. Negotiations on replenishment of the fund were brought forward a year due to the acute financing requirements caused by COVID-19, with rising poverty levels having a severe impact on women, children and vulnerable groups. Last year’s negotiations resulted in a historically large replenishment totalling some SEK 930 billion for the coming three-year period, which is just over SEK 100 billion more than the most recent replenishment in 2019.
The expected results of the IDA work programme for July 2022–June 2025 include:
- basic health, nutrition and family planning services for 430 million people;
- vaccinations of more than 200 million children;
- a social safety net for 375 million people;
- preparation of Nationally Determined Contributions for the environment in at least 50 countries;
- access to electricity for 50 million people; and
- access to clean water for 20 million people.