Washington — Sept 23 — Denmark has pledged $491.7 million to the World Bank’s International Development Association (IDA) fund, marking a 40% increase from its previous contribution. The announcement was made during the United Nations General Assembly in New York, signaling a major commitment to supporting the world’s poorest countries.
The World Bank aims to surpass its previous replenishment of $93 billion in 2021, now seeking to raise over $100 billion by December 2024. This pledge from Denmark comes at a crucial time, as global fiscal pressures make it harder for wealthier countries to contribute due to slowed economic recovery post-COVID-19.
Danish Prime Minister Mette Frederiksen emphasized the importance of this financial commitment, stating that it reflects Denmark’s dedication to achieving Sustainable Development Goals and supporting the Paris Climate Agreement.
The World Bank described Denmark’s pledge as a response to African leaders’ call for increased funding. World Bank President Ajay Banga praised the commitment, noting that every dollar raised for IDA has the potential to be multiplied fourfold through the bank’s borrowing power.
