The Diplomat
Spain will contribute 291.6 million euros until 2030 to the International Development Association (IDA), which is part of the World Bank Group, according to an agreement adopted yesterday by the Council of Ministers.
IDA works to reduce poverty through loans and grants to the most fragile states, where the impact of the COVID-19 economic crisis has been strongest.
As a result, the International Development Association has demanded urgent funding from the most developed countries for programmes that contribute to fostering economic growth, reducing inequalities and improving the living conditions of citizens. In this scenario, the World Bank Group opted to bring forward the 20th replenishment of the multilateral partnership to 2020.
After recalling this request from the IDA, the Government indicates that it has decided to approve the Spanish contribution, with a first disbursement of 115 million euros between 2022 and 2023, and the rest, up to 291.6 million, over the next few years until 2030, subject to the agreement of the Council of Ministers.
Spain’s contribution is in line with the contributions made in the three previous replenishments. In the last edition, the shareholder countries contributed 23,500 million dollars (20,810 million euros).
Created in 1960 and supervised by 173 nations, the IDA is one of the main sources of financing for the world’s poorest countries through loans and donations.
