Sweden announces a contribution of $754 million to the International Development Association to support the poorest countries in the world

Sweden announced a contribution of 8.2 billion Swedish krona (nearly $754 million) to the World Bank’s International Development Association, a fund dedicated to supporting the world’s poorest countries.

 

Through this donation, Sweden is contributing to replenishing the fund, which achieved a record in its 21st round, which will raise US$100 billion to support reforms, investment and development in low-income countries – according to a statement on Swedish government website.

 

This contribution comes at a time when many low-income countries are witnessing a state of social and economic stagnation, as well as the repercussions of high levels of debt, increasing climate risks, and the difficulty Access to financing due to increasing economic and geopolitical uncertainty.

 

Minister for Development Cooperation and Foreign Trade, Benjamin Dusa, said: “The Swedish government’s support of 8.2 billion kroner The IDA is an investment in the future for the world’s low-income countries and for Sweden. The International Development Association plays an important role in supporting reform efforts and improving the local investment climate in poor countries. No country has emerged from poverty solely through development aid. The goal is for recipient countries to be in a position to manage their development in the long term.

 

The work program for the next three years includes a total financing of $100 billion, which will reach $1.9 billion. people in 78 of the world’s poorest countries.  The priorities focus on areas that the Swedish government places at the forefront of its concerns, such as employment, private investments, support for refugees and host communities, and climate. At least 45% of the financing will be allocated to climate-related measures. 

 

With this pledge of 8.2 billion kroner; Sweden remains one of the most generous countries in providing support to the International Development Association, and the most generous relative to the size of its economy. The International Development Association is currently the largest recipient of basic support from the Swedish government – according to the statement.

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