Ireland Boosts Support for World's Poorest with Record World Bank Contribution

Ireland has pledged €141.4 million to the World Bank's fund for the poorest countries, marking a 33.5% increase from its previous contribution. The funding, part of the International Development Association's latest replenishment round, supports global development goals amid shifting geopolitical and financial priorities.

Ireland is set to contribute approximately €141.4 million ($161 million) to the latest replenishment of the World Bank's fund for the poorest countries, marking an increase of 33.5% over its previous donation, as announced by Finance Minister Paschal Donohoe on Thursday.

This funding is directed towards the International Development Association, serving as a crucial support mechanism for nations grappling with issues such as immense debt, climate crises, inflation, and conflict. This contribution aligns with Ireland's commitment to global development goals and the U.N. Sustainable Development Goals, articulated during the International Monetary Fund and World Bank spring meetings in Washington.

The IDA replenishment has been a focal point of this week's discussions, driven by the U.S.'s intent to redefine relationships with institutions like the IMF and World Bank. Despite previous pledges totaling a record $100 billion last December, uncertainties linger, with some nations scaling back their commitments.

(With inputs from agencies.)