South Korea to Host World Bank‘s IDA:
In December 2024, Seoul, South Korea, will host the critical pledging meeting for the International Development Association (IDA) 21st replenishment cycle. This gathering marks a pivotal opportunity for donors to bolster commitments, aiming to propel global efforts towards eradicating poverty on a sustainable planet.
IDA stands as the world’s largest solidarity fund dedicated to uplifting the impoverished, aiding nations in shaping their developmental trajectories.
The Republic of Korea serves as a testament to IDA’s transformative impact. Within a span of six decades, Korea has transitioned from destitution to prosperity, evolving into a formidable global player. From a meager GDP per capita of $158 in 1960 to $32,254 in 2022, Korea’s journey underscores the catalytic role played by IDA in facilitating rapid socio-economic advancement. By 1977, Korea had graduated from being an IDA beneficiary to a contributor.
As a staunch IDA donor, Korea has extended support across East Asia and the Pacific Islands. Through initiatives like the Korea World Bank Partnership Facility (KWPF) and the Korea Green Growth Trust Fund (KGGTF), the Ministry of Economy and Finance has collaborated closely with the World Bank to foster sustainable development strategies and investments.
Drawing upon its wealth of experience, Korea continues to partner with IDA, channeling funds, knowledge, and expertise to aid developing nations. Notably, Korea’s contributions to the Trust Funds of the World Bank Group and IDA have reached almost $1 billion and $3.2 billion, respectively, by the end of 2023.
Stay tuned for further updates and specific dates regarding the December meetin.
