Spain pledged €400 million in early financial support to the International Development
Association (IDA), the World Bank's fund for low-income countries, during the World Bank
Group/IMF Annual Meetings.
Compared to the last IDA replenishment cycle, this new pledge represents a 37% increase. It
increases Spain's overall contribution to more than €5 billion since IDA's founding and
highlights the country's ongoing commitment to sustainable development globally.
Spain’s Minister of Economy, Trade and Business Carlos Cuerpo said: “This is an important step
that we hope others can follow to bolster much-needed financing to fight poverty and inequality.
This commitment exemplifies Spain's resolve and dedication to achieving the Sustainable
Development Goals, and our belief in IDA’s ability to move the needle.”
World Bank Group President Ajay Banga emphasized that IDA is a crucial partner for countries
in need, providing affordable financing and development knowledge to combat poverty.
