Remarks by the President of the Ä¢¹½ÊÓƵ General Assembly,
Mr. Philemon Yang,
at the?informal briefing?
on the 21st replenishment of the
World Bank¡¯s International Development Association
Thursday, 16 January 2025
[As Delivered]
Excellencies,?
Distinguished Delegates,
Good morning.
It is my honour to convene this informal briefing on the outcome of the 21st replenishment of the International Development Association (IDA).
I thank Mr. Axel van Trotsenburg, Senior Managing Director of the World Bank, for joining us today to outline the Bank¡¯s priorities for channeling development finance to those in most need.
As one of the largest sources of development assistance, the International Development Association helps many of the world¡¯s poorest countries respond to complex global challenges and improve development outcomes.
As called for in the Pact for the Future, I am pleased that during its 21st replenishment cycle, an historic $23.7 billion was pledged.?
Thanks to the Association¡¯s leveraging, these funds will generate a total of $100 billion in financing, the largest replenishment ever.
This funding will support a total of 78 countries, enabling them to invest in everything from health and education to water and sanitation, climate resilience, infrastructure and institutional reform.
This is a commendable success, one driven by greater numbers of donors and an unyielding commitment to leave no one behind in the quest for equitable and sustainable development.
I am glad to see that after only a few months that we adopted the Pact for the Future, we are gathered here today to ascertain that the demands for action contained therein are yielding results.
I congratulate the Association for fulfilling this most important charge ¨C a promising commitment to multilateralism.?
A first step in the right direction, we must say.
But we need more.
And I call for greater ambition and a sustained increase in contributions to the Association through to 2030.
Indeed, the Pact also recognizes that multilateral development banks are critical to increasing countries¡¯ access to finance on affordable terms and helping to unlock private sector investment.
For we know that developing countries require greater access to financing from all sources to achieve the Sustainable Development Goals by 2030.?
And they need it now.
Many developing countries are facing acute unmet financing needs.
Capital flows are falling.
And the gap between development aspirations and the financing needed to meet them has never been so large.
Four in every ten people on the planet ¨C an astonishing 3.3 billion individuals ¨C live in countries where Governments are forced to spend more on interest payments than on health and education.
This is morally unjust and structurally inefficient.?
It is a collective failure and it simply must change.
Developing countries will need between $2.5 trillion and $4 trillion annually to achieve the Sustainable Development Goals by 2030.
Mobilizing sufficient financing is not only entirely achievable but essential to helping them close the gaps and bring the Sustainable Development Goals back on track.
The Fourth International Conference on Financing for Development, in July, this year, will offer our next historic opportunity to ensure adequate, predictable and sustainable financing for the Sustainable Development Goals.
We must use it wisely to close the credibility gaps and rebuild trust in multilateralism.
I am confident that together, we will translate the commitments contained in the 2030 Agenda for Sustainable Development and the Pact for the Future into meaningful action in the countries where the people need it most.
I thank Mr. van Trotsenburg once again for his valued presence here today and I look forward to his briefing on the Association’s replenishment for 2025.
I thank you.
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Media Contacts
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