Minister Donohoe announces €141 million contribution to the World Bank’s International Development Association
- Foilsithe:
- An t-eolas is déanaí: 24 Aibreán 2025
Assisting those most in need now more important than ever
The Minister for Finance Paschal Donohoe T.D. today (Thursday) announced that the Government has approved his recommendation to provide over €140 million in financing for the World Bank’s International Development Association.
The International Development Association is one of the five Institutions that comprises the World Bank and provides grants and lends money on highly concessional terms to the world’s poorest and least creditworthy countries.
This contribution is part of a regular three-year funding cycle which will cover the period from mid-2025 to mid-2028.
Speaking today, Minister Donohoe commented:
“As Minister for Finance and Ireland’s Governor for the World Bank, I am pleased to announce that the Government has approved a contribution of €141.4 million to the World Bank’s International Development Association.
Ireland has been a long-time supporter of the work of the World Bank and this contribution will further Ireland’s international development goals which focus on achieving the UN Sustainable Development Goals of allocating 0.7 per cent of GNI to Official Development Assistance by 2030 and reaching those furthest behind first.
Ireland has always strived to play our part in assisting those who need it most. In light of the current international landscape, geo-political tensions, and decisions by others in respect of commitments to Official Development Assistance, it is now more important than ever that we step up and make a contribution where we can.”
He went on to say:
“The Government’s contribution is a 33.5% increase compared to our previous commitment, which demonstrates Ireland’s ongoing support for multilateral solutions to the world’s problems with a particular focus on those living in the poorest countries.”
Minister Donohoe is attending the IMF and World Bank Spring Meetings in Washington D.C. where he will meet with the World Bank President Ajay Banga to discuss the important work of the World Bank, its importance to developing countries and the role Ireland plays in contributing to this work.
Notes to editors
The International Development Association is one of five institutions that make up the World Bank and is the World Bank’s fund for the world’s seventy-five poorest and least creditworthy countries. The primary focus of the International Development Association is to support a broad range of development activities such as access to primary education, access to basic health services, access to clean water and sanitation, agricultural activities, business climate improvements, infrastructure projects, and institutional reforms. These interventions pave the way towards equality, economic growth, job creation, higher incomes, and better living conditions.
Historically, the International Development Association has largely been funded by contributions from the governments of its member countries, including Ireland. It provides grants, and lends money, to qualifying countries on highly concessional terms at zero or very low interest rates over long repayment periods.
More than half of the International Development Association qualifying countries are low-income countries at higher risk of debt distress and receive at least half of their International Development Association supports as grants, which carry no repayments.
Ireland’s contribution to International Development Association will be phased over a nine-year payment schedule starting in 2026 and ending in 2034.