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The World Bank’s International Development Association (IDA) is the most important source of development finance for fragile and conflict-affected states (FCAS).
Finland’s Foreign Ministry announced on Oct. 9 allocating an additional 92 million euros ($97 million) to provide humanitarian support to Ukraine, Moldova, and other countries affected by Russia’s war.
Last month, the World Bank announced its intention to mobilize $12 billion for a new Crisis Facility for IDA, the arm of the bank that provides concessional lending and grants to the poorest countries. The Crisis Facility will augment emergency funding for IDA’s most vulnerable borrowers and provide new resources for Ukraine and Moldova. Shareholders will be asked to pledge to the new facility by December 2023, shortly before the start of the next IDA replenishment in early 2024.
The World Bank Board just approved the recommendation to set up the IDA Crisis Facility, which will scale up support for the world’s poorest countries. It will help address worsening development challenges due to the overlapping global crises, particularly food insecurity and extreme climate events.
WASHINGTON –The World Bank Board of Executive Directors today approved the recommendation to establish a Crisis Facility for the International Development Association (IDA) to scale up support for the world’s poorest countries to address worsening d