In a rallying call on Wednesday, World Bank President Ajay Banga urged member nations to embark on an unprecedented commitment, emphasizing the urgency of making the forthcoming replenishment of the International Development Association (IDA) the most substantial in its history. At a mid-term review of the ongoing 20th IDA replenishment, valued at $93 billion, Banga underscored the strain on this vital concessional resource, emphasizing the need for collective action.
Speaking at a conference in Zanzibar, Tanzania, Banga stressed that creative financial engineering alone couldn't bridge the gap, asserting, "The truth is we are pushing the limits of this crucial concessional resource, and no amount of financial ingenuity can compensate for the fact that we need more funding." Urging World Bank shareholders, donor countries, and philanthropies to delve deeper, he articulated a bold vision: "This must drive each of us to make the next replenishment of IDA the largest of all time."
Scheduled to conclude on June 30, 2025, the current 20th IDA funding round faces escalating demands, prompting Banga to kickstart his campaign for the subsequent round, aiming not just to meet but significantly surpass the current $93 billion target. The Zanzibar conference serves as a pivotal platform to bolster ongoing funding efforts and set the stage for an unparalleled commitment to aiding the world's most vulnerable nations.