Cyprus has pledged to contribute 7.16 million euro during a meeting organised recently by the International Development Association (IDA) in South Korea, that aimed at raising funds for the 21st replenishment of the Organisation’s resources.
According to an official press release, a representative of the Republic of Cyprus, made an online intervention, announcing Cyprus’ commitment to contribute 7.16 million euro as a donor country.
It is noted that Cyprus’ contribution to the 21st replenishment of IDA resources was approved by the Council of Ministers during its meeting held on 4 December 2024, following a relevant Proposal by the Minister of Finance, Makis Keravnos.
A total of 59 countries announced their commitment to participate as donor countries. The agreed financial package of 23.7 billion dollars is the largest in the Organisation’s history.
According to the World Bank, the package secured will provide support to low-income countries, for a period of three years (2025-2028) to address various challenges, such as poverty, food insecurity, conflict, high levels of debt and climate change.
Cyprus, which has been an IDA donor country since 2007, channels a large part of its development assistance through IDA, as well as other international organisations, providing development assistance to a larger number of countries in a more effective and efficient manner, the press release says.
The government, with Cyprus’ participation in IDA21, with the highest historical contribution amount, demonstrates in the most practical way the government’s commitment to continue collaborating with IDA in an effort to alleviate poverty and achieve sustainable development in the poorest countries in the world, the press release says.
The International Development Association (IDA) is the part of the World Bank that helps the world’s low-income countries. IDA’s grants and low-interest loans help countries invest in their futures, improve lives, and create safer, more prosperous communities around the world.