The Republic of Korea is set to host the final meeting of the 21st World Bank’s International Development Association (IDA) replenishment process in Seoul on December 5-6, 2024. The meeting provides an avenue for world leaders and stakeholders to pledge their allegiance to addressing global poverty and fostering sustainable development under the IDA, emphasizing the urgency of the current international situation.
WHAT IS IDA?
The International Development Association (IDA) is an arm of the World Bank that provides concessional financing to low-income countries. With projects across 78 countries, the IDA invests in education, healthcare, infrastructure, and resilience against climate change.
The association, founded in 1960, aims to reduce poverty in poor countries by providing grants and zero- to low-interest loans for programs that boost economic growth, reduce inequalities, and improve people’s living conditions. The announcement of the Republic of Korea as the host nation is symbolic.
Decades ago, the nation was an IDA recipient as it grappled with the aftermath of war and an unstable economy. Today, Korea is one of the world’s leading countries, showcasing the possibilities of strategic policies and international partnerships.
A Vision for the Future
Each meeting looks to celebrate progress and a commitment to extending the same opportunities to others. This year’s replenishment discussions center on key themes, including economic recovery post-pandemic, climate resilience, and inclusive growth.
With low-income countries being challenged by escalating debts, climate disasters, and health crises, IDA21 replenishment hopes to garner resources that will empower these nations in their quest for development.
The meeting will also emphasize partnerships, with attendees charged to reflect on past achievements and future goals. With that, collaboration between donor nations, recipient countries, and private stakeholders is the first step towards driving Impactful change.
The IDA’s support has transformed lives, from building schools in rural communities to financing renewable energy projects that power millions. These successes underscore the potential of targeted, sustained investment in human capital.
Still, participating countries are charged to take on this daunting task ahead. The global funding gap for addressing poverty is wide, and the IDA must secure ambitious commitments to meet its goals.
The Seoul meeting represents an opportunity for pledges and a platform for reigniting hope in the world’s poorest communities. The IDA21 replenishment is not just about numbers; it is about lives.
Every dollar pledged translates to a child educated, a community electrified, or a family protected from climate-induced displacement. For stakeholders, the meeting reminds them that development is not charity—it is a shared responsibility to build a more equitable world.
As the meeting concludes, the commitments will chart the course for the IDA’s work in the coming years, with Korea’s leadership iinspiring other countries to contribute to a cause that transcends borders and generations.